"The good news is that we have the ability to protect people from this growing threat. With Apple Pay, we put in place a mobile payment system that is significantly more secure than the old days of the plastic card and the magnetic strip," Cook said.

He assured the public that their actual credit card numbers are never stored on iPhones or Apple servers.

"Your purchases are private and we don't store the details of those transactions – they remain between you, the merchant and your bank," Cook said. "We don't know your credit card number or what you bought or how much you paid and we don't want to."

Beginning in September, Apple Pay will be available for many transactions with the federal government, such as admission to national parks, according to Cook. Apple is working to integrate Apple Pay with federal programs like Social Security, he added.

Cook said Apple is committed to engaging productively with the White House and Congress to put the results of cybersecurity discussions into action.

"People have entrusted us with their most personal and precious information, we owe them nothing else than the best protections we can possibly provide," he said.

Cook said too many people do not feel free to practice their religion, express their opinion or love anyone they chose. He said we still live in a world where all people are not treated equally and a world in which that information can make the difference between life and death.

"If those of us in positions of responsibility fail to do everything in our power to protect the right to privacy, we risk something far more valuable than money, we risk our way of life," Cook said. "Fortunately, technology gives us the tools to avoid these risks and it is my sincere hope that by using them and by working together, we will."