President Obama Hosts First-Ever Cybersecurity Summit

MINNEAPOLIS (WCCO) -- President Barack Obama is taking a big step to increase cybersecurity.

This comes after several large cyber breaches that cost businesses $13 million a year and put millions of people's personal information at risk. That includes Minneapolis-based Target.

Now, Obama -- along with top executives, law enforcement and privacy experts -- is trying to increase privacy guards to protect companies against hackers.

The first-of-its-kind White House cyber security summit is being held at Stanford University.

There, Obama will issue an executive order that will create private-sector hubs where data can easily be exchanged between businesses and law enforcement. It will be overseen by the Department of Homeland Security.

Efforts to ramp up cyber security have grown following recent major attacks on Anthem Health Insurance and Sony Pictures. About two years ago, one of the biggest involved Minneapolis based Target.

At the summit, companies are expected to commit to having more secure systems that will help prevent identity theft and improve security for online payment systems.

Obama has set aside $14 billion in his budget to enhance cyber security.