Obama targets foreign hackers and state-owned companies over cyber-attacks

Executive order creates sanctions that could potentially penalize companies in China and Russia that benefit from hacks in attempt to curtail rising threat

President Obama on Wednesday created the first-ever sanctions program to penalize overseas hackers who engage in cyber-spying and companies that knowingly benefit from the fruits of that espionage, potentially including state-owned corporations in Russia and China.

"Cyber threats pose one of the most serious economic and national security challenges to the United States," Obama said in a statement after signing an executive order creating the sanctions.