The Obama administration's proposal for protecting banks, power grids and government computers from cyber attacks urges tightening oversight of critical infrastructure and requiring companies to notify consumers of data breaches.

The Homeland Security Department would “work with industry” to detect vulnerabilities in electrical grids and financial networks, according to a summary of the proposal released today by the White House. The plan also calls for mandatory minimum penalties for computer-related crimes.

The administration's proposal seeks to jump-start efforts in Congress to update U.S. laws in response to the increased threat of cyber attacks capable of crippling business and government operations.