US Companies to Share Info Under New Cyber Security Proposal: White House

US President Barack Obama announced a new cyber security legislative proposal that promotes better cybersecurity information sharing between the private sector and government.

WASHINGTON, January 13 (Sputnik) — US President Barack Obama announced a new cyber security legislative proposal that encourages private companies to share cyber threat information with government agencies as means to protect them from cyber incidents, according to a statement released by the White House Tuesday.

"The Administration’s updated proposal promotes better cybersecurity information sharing between the private sector and government, and it enhances collaboration and information sharing amongst the private sector," the statement said.

The government will authorize the private sector to share appropriate cyber threat information with the Department of Homeland Security’s National Cybersecurity and Communications Integration Center, which will pass it to the relevant federal agencies and private sector organizations.

“In this interconnected, digital world, there are going to be opportunities for hackers to engage in cyber assaults both in the private sector and the public sector. Now, our first order of business is making sure that we do everything to harden sites and prevent those kinds of attacks from taking place," US President Barack Obama said in a statement Tuesday.

The new legislation proposal is based on an earlier 2011 version of the document. It solves privacy issues through a two-step system. Private entities are encouraged to take reasonable steps to remove personal information and protect data that must be shared. Additionally, the proposal requires the Department of Homeland Security and the Attorney General to develop guidelines on how information can be used, retained and destroyed.

According to the White House announcement, the new cyber security proposal will modernize law enforcement authorities to combat cyber-crimes and criminalize the overseas sale of stolen US financial information. Penalties for computer crimes will be in line with other similar non-cyber illegal activities.

On Thursday, Vice President Joe Biden is expected to announce the Department of Energy’s intention to provide $25 million in grants over the next five years to support a cybersecurity education consortium, consisting of 13 Historically Black Colleges and two national labs. The measure will help to fill the demand for skilled cybersecurity professionals in the United States, according to the press release.

To shape public and private sector discussions and efforts to protect themselves from cyber threats, the White House will host a Summit on Cybersecurity and Consumer Protection at Stanford University on February 13, 2015.