"We're not as prepared as we should be, as a government or as a country," President Obama said, while declaring cyber threats are both a growing national security and economic threat to this country.

The President also announced plans to choose someone to head up a new White House office of cyber security - what some people are calling a "Cyber Czar."

"Cyberspace is real, and so is the risk that comes with it," Obama said. "Indeed, in today's world, acts of terror could come not only from a few extremists in suicide vests but from a few key strokes on the computer -- a weapon of mass disruption."

The President also noted how essential computer technology has become to almost all Americans. "It's our hardware and our software, our desktops and laptops and cell phones and Blackberries that have become woven into every aspect of our lives."

It should be noted Mr. Obama happens to be the first BlackBerry President - not wanting to give up his hand-held e-mail device.

Mike Emanuel currently serves as chief congressional correspondent for FOX News Channel (FNC). He joined FNC in 1997 as a Los Angeles-based correspondent.