(Bloomberg) -- President Barack Obama signed anexecutive order Wednesday allowing the use of economic sanctionsfor the first time against perpetrators of destructivecyber-attacks and online corporate espionage.
The move will let the Treasury Department freeze the assets ofoverseas individuals and entities identified as the source ofcybercrimes. The federal government also will be able to bar U.S.citizens and companies from doing business with those targeted forsanctions.
“Cyberthreats pose one of the most serious economic and nationalsecurity challenges to the United States, and my administration ispursuing a comprehensive strategy to confrontthem,” Obama said in a statement. “As we have seen inrecent months, these threats can emanate from a range of sourcesand target our critical infrastructure, our companies and ourcitizens.’’
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