The two governments will set up cyber cells on both sides of the Atlantic to share information.
It is reported that the cooperation between Britains GCHQ eavesdropping agency and the US National Security Agency will include joint war games, with the first exercise later in 2015 to involve the Bank of England and commercial banks in both the City of London and Wall Street.
The UK Prime Minister David Cameron said he also planned to discuss with Obama how the two countries could work more closely with internet companies such as Facebook and Google to monitor communications between terror suspects.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.