OVERNIGHT CYBERSECURITY: China hits pause on cyber banking rules

Welcome to OVERNIGHT CYBERSECURITY, your daily rundown of the biggest news in the world of hacking and data privacy. We’re here to connect the dots as leaders in government, policy and industry wrap their arms around cyberthreats. What lies ahead for Congress, the administration and the latest company under siege? Whether you’re a consumer, a techie or a D.C. lifer, we’re here to give you …

THE BIG STORIES:

–NOT A FAKE OUT: After several weeks of confusing back-and-forth, China has officially suspended a set of controversial cybersecurity rules restricting Chinese banks from using foreign technology amid heavy opposition from the Obama administration and governments worldwide, U.S. officials confirmed. The rules would have required companies selling computer equipment to Chinese banks to submit all software for inspection. Chinese regulators said the rules had been paused because of “amendment suggestions” from the financial sector and other stakeholders. Although the rules may be revised and reissued, the temporary delay represents a win for the White House. To read our full piece, click here.

{mosads}–MORE OF THESE?: Congress is growing cluttered with legislation that would set nationwide data security standards for companies. Sens. Tom Carper (D-Del.) and Roy Blunt (R-Mo.) on Thursday introduced the Data Security Act, the Senate’s second major bill on the topic. The bill would also instruct companies on how to notify customers in the wake of a breach. In addition to the Senate bills, the House is also trying to act on two similar measures. It has generated some confusion, as lawmakers jockey over which bill to support. To read our full piece, click here.

–TACK IT ON: Democrats and industry groups are worried congressional leaders could hamper the passage of several broadly-supported cybersecurity measures by attaching one of the data breach notification bills at the last minute. Starting next week, lawmakers will vote on three separate bills that would give companies liability protections when sharing cyber threat data with the government. The bills are likely to pass, making them an attractive vehicle to possibly carry the less-supported data breach language, according to lobbyists and former staffers. To read our full piece, click here.

UPDATE ON CYBER POLICY:

–The two House bills to increase public-private cybersecurity information sharing may hit the floor separately next week after all, despite weeks of speculation the pair would be combined. The House Intelligence and Homeland Security committees have worked since January to develop two complementary bills. Together, the measures would grant companies liability protection when sharing cyber threat data with civilian government agencies. Committee leaders had hoped to merge their efforts before a floor vote to simplify the path to passage. But according to notifications from the House Rules Committee, the two bills will get individual floor votes. To read more, click here.

LIGHTER CLICK:

–A “Frozen” ringtone playing “Let it Go” interrupted a Senate hearing on Thursday — and one of the panel’s senators was responsible. Sen. Pat Roberts (R-Kan.) showed little sign of being embarrassed, when the familiar tune played out during the Senate Finance Committee hearing. Laughter erupted through the hearing room, and Agriculture Secretary Tom Vilsack was unable to stop a smile, as he attempted to answer a question from Roberts. “Aw, come on,” said Roberts, 78. “Just let it go,” he told the witness to laughter. “Sorry about that.” To read more, click here. 

IN CASE YOU MISSED IT:

Links from our blog, The Hill, and around the Web.

IBM is launching a cyber threat-sharing exchange. (The Hill)

The ACLU urged the White House to speed up encryption on federal websites, especially tip-lines for whistleblowers (The Hill)

Experts are divided over Iran’s cyber activity since the start of nuclear talks. (NPR)

The DEA and the U.S. Army bought $1.2 million in hacking tools in recent years. (Ars Technica)

A new California bill would require local approval for the use of stingrays. (Ars Technica)

Big Data is looming as the next big battle in Europe. (Wall Street Journal)

An NIST official called the Internet of Things indefensible. (FCW)

A new malware program is targeting point-of-sale systems. (CSO Online)

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