Earlier this afternoon, the President visited Stanford University to speak at the White House Summit on Cybersecurity and Consumer Protection. Today's summit brought together leaders from a number of areas -- Congress, industry, tech companies, law enforcement, students, and others -- to work together and explore partnerships that will help develop the best ways to bolster our cybersecurity.
President Obama remarked that our nation is doing more business online than ever before, at the rate of trillions of dollars each year. And consumers are doing more online as well -- managing bank accounts, shopping, paying bills, handling medical records, just to name a few. But, these new opportunities and conveniences also bring a unique set of risks.
"When companies get hacked, Americans’ personal information, including their financial information, gets stolen," the President explained. "Identity theft can ruin your credit rating and turn your life upside down. In recent breaches, more than 100 million Americans had their personal data compromised, including, in some cases, credit card information."
Shortly after taking office, President Obama said that threats to our cybersecurity were a major economic and national security challenge to our nation, and committed to confront these threats. In today's remarks, he laid out four basic principles for doing so:
In addition to proposed legislation to promote greater information sharing between the government and the private sector, and the creation of the Cyber Threat Intelligence Integration Center, the President announced an additional step to improve our cybersecurity.
"I’m signing a new executive order to promote even more information sharing about cyber threats, both within the private sector and between government and the private sector," he said. The executive order -- which he signed immediately after his remarks -- encourages more companies and industries to set up hubs to share information with each other. It also calls for a common set of standards so the government can share information on threats with these hubs more easily.