U.S. President Barack Obama speaks about the nation's cyber security in the East Room of the White House in Washington, on May 29 (XINHUA/REUTERS)

U.S. President Barack Obama on Friday unveiled the findings of a major cyber security review ordered shortly after he took office in January.

The review examines what the U.S. federal government is doing to protect vital computer networks amid mounting concerns about the risk of cyber attack.

"Cyberspace is real and so are the risks that come with it," said Obama at the White House.

"This cyber threat is one of the most serious economic and national security challenges we face as a nation," Obama added. "Protecting this infrastructure will be a national security priority."

Obama also announced the creation of the position of cyber czar, who will coordinate the nation's effort to protect government and private computer systems from hackers, criminal gangs, terrorists and spies. However, he did not name anyone to the post because the selection process is ongoing, just saying his new coordinator for cyber security would become a member of his national security staff.

The cyber security review had urged the president to name a White House coordinator to oversee cyber security. It also said that the private sector must be involved.

The New York Times reported Friday that Obama was expected to sign a classified order in coming weeks to create the cyber command.

Shortly after taking office, Obama ordered a 60-day review intended to ensure the federal government's cyber initiatives were "appropriately integrated, resourced and coordinated with Congress and the private sector." Melissa Hathaway, a senior member of the National Security Council, led the review process.

The U.S. Department of Homeland Security had reported the number of cyber attacks on government and private networks increased from 4,095 in 2005 to 72,065 in 2008.