WASHINGTON, D.C. (WAVY) — Senators Mark R. Warner (D-VA) and Cory Gardner (R-CO) announced Tuesday the creation of the ‘Senate Cybersecurity Caucus.’
The caucus will provide a platform for senators and their staff to stay informed on major policy issues and developments in cybersecurity.
“Cybersecurity is one of the most serious economic and national security challenges we face as a nation, and both the private and the public sector need to be better prepared to address the escalating threat from cyber attacks,” said Sen. Warner, a former technology executive and member of the Senate Intelligence Committee.
Cyber attacks account for up to $120 billion in economic and intellectual property loss annually in the U.S. They cost the average American firm more than $15 million per year, experts say. Consumer concerns about cybersecurity are also increasingly impacting the growth of the digital economy. Recent research indicated that 45 percent of households reported that concerns about online privacy and security stopped them from conducting financial transactions, engaging in e-commerce or posting on social networks.
The caucus will focus on multiple aspects of the cybersecurity problem, including impacts on national security, the economy and digital security. It will also provide opportunities to inform senators on major cyber policy issues facing Congress, introduce senators and their staff to cybersecurity experts and promote bipartisan and cross-jurisdictional discussion on the issue.