Cyber bill to penalize hacker havens

Already, at least two influential companies have showered their praise on Hatch and Gillibrand's new proposal: Both MasterCard and Microsoft described the legislation as essential in statements the two lawmakers included in their release announcing the bill.

Hatch, too, stressed the bill's importance Tuesday, noting the prospective law could cut down on online crimes and save the United States and its businesses billions every year.

“Cybercrime is a serious threat to the security of the global economy, which is why we need to coordinate our fight worldwide. Until countries begin to take the necessary steps to fight criminals within their borders, cybercrime havens will continue to flourish,” Hatch said.

“We don’t have the luxury to sit back and do nothing. I believe the International Cybercrime Reporting and Cooperation Act will not only function as a deterrent of cybercrime, but will prove to be an essential tool necessary to keep the Internet open for business,” he said.