Can you elaborate on why that is?
"Something must be done" is the refrain of private defense contractors seeking new revenue streams following the tapering off of our most recent foreign excursions. "Cyber war" is total B.S. It's just taking the same industrial espionage issues that have existed forever and adding "on a computer" to it in order to increase the hype level.
There are a ton of things the government could actually do to help with information security. Some of them are even in the bill -- I don't think anyone has a problem with government providing threat information to the private sector. Or how about more funding for security research. Incentives to implement protocols like DNSSEC.
But there is no excuse for exempting corporations from all privacy laws using extremely vague language. The problem with this bill is very much the implementation rather than the intent, but "good intentions" are no justification for bad legislation.