President Obama has announced plans to create a White House-level position of “cyber czar” to coordinate and oversee federal efforts to improve network security and response to cyber attacks.

President Obama: “It’s now clear this cyber threat is one of the most serious economic and national security challenges we face as a nation. It’s also clear that we’re not as prepared as we should be, as a government or as a country.”

Obama also said that his administration would not dictate cybersecurity standards for private companies and that he was committed to protecting the privacy of Americans.

President Obama: “Our pursuit of cybersecurity will not include — I repeat, will not include — monitoring private sector networks or internet traffic. We will preserve and protect the personal privacy and civil liberties that we cherish as Americans. Indeed, I remain firmly committed to net neutrality, so we can keep the internet as it should be: open and free.”