Barack Obama lifted cyber-security high up his administration’s agenda on Friday as he promised shortly to appoint a White House co-ordinator to oversee policy and responses to threats to government and private communications networks.

The US president cited an industry report that put losses from cybercrime – including industrial espionage and identity theft – at $1,000bn, saying the growing dependence on electronic banking and commerce made improved security both a matter of economic necessity and vital to national defence.