Barack Obama, US president, on Sunday lifted cybersecurity high up his administration’s agenda as he promised to name a White House co-ordinator to oversee policy and responses to threats to government and private communications networks.

Mr Obama cited an industry report that put losses from cybercrime – including industrial espionage and identity theft – at $1,000bn (€706bn, £617bn). He declared that the increased dependence on electronic banking and commerce made improved security a matter of economic necessity as well as a key plank of national defence.