(Bloomberg) -- President Barack Obama signed an executive order Wednesday allowing the use of economic sanctions for the first time against perpetrators of destructive cyber-attacks and online corporate espionage.
The move will let the Treasury Department freeze the assets of overseas individuals and entities identified as the source of cybercrimes. The federal government also will be able to bar U.S. citizens and companies from doing business with those targeted for sanctions.
“Cyberthreats pose one of the most serious economic and national security challenges to the United States, and my administration is pursuing a comprehensive strategy to confront them,” Obama said in a statement. “As we have seen in recent months, these threats can emanate from a range of sources and target our critical infrastructure, our companies and our citizens.’’
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