After a year-long investigation, a blue-ribbon panel has issued a report that finds the security of U.S. computer networks to be sorely lacking, and urges the incoming Obama administration to take sweeping actions to shore up America's cyber-defenses.

Released today by the non-partisan Commission on Cyber Security for the 44th Presidency, the report offers these key findings:

• The country faces long-term economic and national security challenges from foreign intelligence agencies and militaries, criminals, and others.


• Poorly protected U.S. computer networks have already suffered serious damage at the hands of foreign intruders. For example, last year, the Departments of Defense, State, Homeland Security, and Commerce, as well as NASA and the National Defense University, all suffered major intrusions by unknown foreign entities. There's also evidence that U.S. companies have lost billions of dollars in intellectual property.


• Efforts to protect American computer networks have been hampered by outdated laws , inadequate regulation, and the antiquated structure of the Federal government.


• In the wake of rapidly changing threats, policymakers have been indecisive in devising a cybersecurity strategy and implementing it, choosing instead to pass the buck to the government's technology specialists.


• Cybersecurity has become a national security issue on par with weapons of mass destruction and global jihad, and it shouldn't be handed off to the private sector and the market.