Late last night Senators Lieberman and Collins introduced revised cybersecurity legislation. A short summary of the revised Cybersecurity Act of 2012 suggests that the major changes are 1) elimination of a mandatory regulatory system in favor of a voluntary one, with incentives for compliance; and 2) a strengthening of privacy and civil liberties protections in the cyber threat information sharing system. I’ll have more detailed analysis later. I understand that Senator Reid is likely to call this up for action late next week or early the week after where the principal question is whether or not he can get 60 votes to proceed. The Section by Section for the revised Cybersecurity Act of 2012 is also attached.