A U.S. cybersecurity bill opposed by business and privacy groups, is dead after it failed a second test vote, Senate Majority Leader Harry Reid said Wednesday evening.

The bill would have increased information-sharing between intelligence agencies and private companies, Reuters reported. It also would have set voluntary standards for businesses that control electric grids or water treatment plants.

Business groups opposed the bill as overregulation and privacy groups warned of more Internet eavesdropping.

"Everyone should understand cybersecurity is dead for this Congress," said Reid, D-Nev. "Whatever we do on this bill, it's not enough for the Chamber of Commerce."

Reid urged President Barack Obama to issue an executive order "to fully protect our nation from the cybersecurity threat."

The measure fell nine votes short of the 60 needed to limit debate on the bill and open the way to a final vote.

A trade group, the Software Alliance, said Congress should give top priority next year to bolstering security.