Washington Post and CNN both report on the latest Cyber-security bill that has failed to pass in the Senate. The Cybersecurity Act of 2012 was sponsored by Joe Lieberman and Susan Collins, and was strongly endorsed by President Obama and the Chairman of the Joint Chiefs of Staff and the White House Counterterrorism advisor both endorsed the bill. Senators who voted against the bill claimed it was rushed and did not follow the usual review process, which they felt was inappropriate for such a wide reaching cybersecurity bill. They also claimed that any regulation would impose undo financial burdens on the private companies that are protecting our national infrastructure.
The bill sponsors hoped to provide a way for the government and industry to share security data to protect against threats, and would require companies in charge of our national infrastructure to meet cybersecurity standards.
In November of 2011 an Illinois Water Pump was "hacked", but it wasn't until December that we were able to figure out the hack wasn't a hack at all, but a system malfunction. Standards would require basic standards like logging changes and limiting the exposure of these systems to the Internet. If complying with basic standards is a financial burden, these companies aren't doing their job.