With the Gulf oil spill and two wars, President Barack Obama already has his hands full with calamities. But one thing still keeps him up at night: a cyber attack.
On Friday, the Homeland Security committee approved a bill that would give the President the power over an internet kill switch, allowing Obama to power off the Web to stop a cyber attack.
According to The Hill, the bill would give the president "emergency authority to shut down private sector or government networks in the event of a cyber attack capable of causing massive damage or loss of life."
The bill will now head to the full Senate for a vote, where it will likely be merged with other competing pieces of cyber security legislation.
US companies are starting to protect themselves against cyber attacks, says CACI International CEO Paul Cofone on Wednesday's Fast Money.
Based in Arlington, Va., CACI is a defense company that provides cyber security services to the US Navy, Coast Guard and government agencies. Cofone said business with private companies is picking up, but often times, cyber security is a hard sell because it does not add to assets. It simply protects what's already there.
Companies tend to be reactive, instead of proactive, he said, meaning they won't make the investment until something bad happens. Governments remain the biggest buyer of cyber security, he said.
Watch the full interview with Cofone here.
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Trader disclosure: On June 28, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Terranova owns (IPSU), (BX), (AGU), (PFE), (TER), (GMCR), (RSX), (TER), (AXP), (KO), (KR), (COST), (AMZN), (TEVA), (BMO), (DIS), (XCO), (SWN), (GMCR), (IPI), (SU), (XOM), (RDS.A), (COP), (OXY), (V), (FXB), (UPL), (JPM), (MS), ( C), (BAC), (GMCR); Terranova owns (GLD) 123 JULY PUTS; Terranova owns (FS) 135 JULY CALLS; Terranova owns (GLD) July 120 puts; Kelly owns (BP) puts; Kelly owns (FCX) puts; Kelly owns (GLD); Kelly owns (GDXJ); Kelly is short (GS); Grasso owns (ASTM), (ABK), (BAC), (BGP), (C), (DYN), (JPM), (LPX), (NDAQ), (PRST)
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