The current debate revolves around a simple concept: how do we keep hackers and foreign intelligence agencies from shutting down our electric grid, controlling our railroad switches, or manipulating financial transactions? About 85 percent of what’s known as “critical infrastructure” is owned by private entities, many of which have already been the victim of a cyber attack.

This past week, a payment processor for Visa and MasterCard was breached, compromising 1.5 million credit cards. In the spring of 2011, both the Sony PlayStation Network and RSA – a company that provides security systems for the Department of Defense – were hacked. The Sony attack resulted in 77 million personal accounts stolen and the RSA attack cost the company over $66 million to investigate. Last year alone, cybersecurity breaches cost U.S. companies about $100 billion.

Even our military is not totally secure. The U.S. Air Force – which leads the military’s cybersecurity operations – was hacked last October. A computer virus infiltrated part of the drone fleet, downing our sophisticated weaponry with a few lines of code. Because the Air Force works with private contractors, holes in the business community’s cyber defenses directly endanger our national security apparatus.

There are currently two efforts in the United States Senate to protect U.S. businesses and national interests. The first is a bipartisan bill championed by Senators Joe Lieberman (I-Conn.), Susan CollinsSusan CollinsSenate braces for fallout over Supreme Court fight Overnight Finance: WH wants to slash billions | Border wall funding likely on hold | Wells Fargo to pay 0M over unauthorized accounts | Dems debate revamping consumer board Lawmakers call for pilot program to test for energy sector vulnerabilities MORE (R-Maine), Jay RockefellerJay RockefellerObama to preserve torture report in presidential papers Lobbying world Overnight Tech: Senators place holds on FCC commissioner MORE (D-WV), and Dianne FeinsteinDianne FeinsteinOvernight Regulation: Trump repeals 'blacklisting' rule Dems delay Senate panel vote on Supreme Court nominee Dems get it wrong: 'Originalism' is mainstream, even for liberal judges MORE (D-Calif.), that is over four years in the making. The competing bill – led by Senator John McCainJohn McCainOvernight Finance: Senate Dems call for investigation of acting SEC chairman | Wyden: Russia probe should focus on Trump financial ties | Dems seek more money for IRS Overnight Defense: Top general talks Afghanistan, civilian casualties | Defense hawks slam short-term funding McCain and Graham: We won't back short-term government funding bill MORE (R-Ariz.) and championed by the Chamber of Commerce – was introduced just this March.

There is a lot in common in the two bills, but the biggest difference lies in how we fortify the large amount of core critical infrastructure that is owned by private companies. The Chamber of Commerce – which was breached by Chinese hackers in May 2010 – would prefer not to require businesses to meet certain standards critical to cybersecurity. The Chamber’s proposal allows businesses to voluntarily share information with the federal government about cyber breaches, an approach that leaves us vulnerable to attack and slow to detect intruders.

The bipartisan approach is better. The proposal would require owners of critical infrastructure to meet minimum security standards and, in exchange, receive only limited liability in the case of an intrusion. That’s a fair deal. This bill would also require companies to report significant breaches to the federal government. In return, they would receive help from the intelligence community in improving detection, prevention, and response techniques.

In March, the Secretary of Homeland Security, Janet Napolitano, and White House counterterrorism advisor John Brennan conducted a classified cyber attack simulation for roughly 25 U.S. Senators. The demonstration played out a scenario in which New York City’s electric system was breached. Senator Rockefeller said “the simulation was realistic and illustrated just how dangerous inaction on cybersecurity legislation can be.”

Cybersecurity legislation may be Congress’s best hope for a significant, bipartisan achievement in 2012— and it’s necessary. The proposals are expected to reach the House floor at the end of this month and the Senate floor in May. Congress should choose the best path forward by finishing the bipartisan work started back in December 2008.

Congress faces yet another fork in the road. Either it can adopt a comprehensive approach, where the business and public sectors work cohesively to deter threats, or it can allow us to remain vulnerable to attack. The government needs to work hand-in-hand with our business community, not put out fires after they ignite. We can rise to the challenges of cybersecurity today by leaving partisan politics out of it.

Matthew Rhoades is the Director of Legislative Affairs for the Truman National Security Project.