The man behind the original Cyber Intelligence Sharing and Protection Act looks set to re-introduce the legislation to the US House of Representatives.
Representative Mike Rogers, chairman of the House Intelligence Committee says the US is vulnerable to cyberattacks that could shut down financial services or destroy information that companies need for daily operations.
Rogers says 95 per cent of private sector networks are vulnerable.
What's being stolen? Personal identities, Social Security numbers, money from banks, blueprints for next-generation jobs. At risk are private companies and public agencies.
The Michigan Republican says hackers have stepped up attacks since the fall, and he points to China and Iran.
"They're taking blueprints back, not just military documents, but civilian innovation that companies are gonna use to create production lines to build things," Rogers said. "They're stealing that, repurposing it back in nations like China and competing in the international market."
Rogers told CBS' Face the Nation that the US government has, essentially "set up lawn chairs, told the burglars where the silver is ... and opened the case of beer and watched them do it."
Rogers' Cyber Intelligence Sharing and Protection Act (CISPA) bill to shore up the nation's cyberdefenses passed the House, but died in the Senate in the last Congress in 2012.
Similar legislation could be introduced again as early as this week.
For Rogers, the fix is "very simple".
"Share information about threats online," he said. "The senior leadership in the intelligence community said that they think that we can stop 90 per cent of our problems by just sharing classified cyber threat information."