Unless Congress acts on a major cybersecurity bill this session, the U.S. will face “a major catastrophic event” that takes down an American company or institution in the next 18 months, according to Rep. Michael Rogers, R-Mich., chairman of the U.S. House of Representatives Select Committee on Intelligence.

“Now is the time to act,” Rogers told a high-level conference of government and industry leaders Wednesday in Washington, D.C. “We are getting crushed. We are in a cyberwar, and we are losing.”