Published every weekday, the Switchboard highlights five tech policy stories you need to read.

Obama to announce overhaul to controversial NSA program. "President Barack Obama will announce on Friday a major overhaul of a controversial National Security Agency program that collects vast amounts of basic telephone call data on foreigners and Americans," according to Reuters. "In a nod to privacy advocates, Obama will say he has decided that the government should not hold the bulk telephone metadata, a decision that could frustrate some intelligence officials."

Breach at Neiman Marcus went undetected from July to December. As the New York Times reports, "The computer network at Neiman Marcus was penetrated by hackers as far back as July, and the breach was not fully contained until Sunday, according to people briefed on the investigation."

IBM pumps $1.2 billion into global cloud data centers. "Dispelling any lingering doubt that IBM sees cloud computing as the way of the future, the company announced that it will invest US$1.2 billion this year in expanding its global cloud infrastructure," reports Computerworld.

China Mobile starts selling Apple’s iPhones today, but subsidies don’t seem that attractive. "It’s time to judge whether the world’s largest carrier with more than 740 million subscribers can compete with the two other major Chinese carriers when it comes to iPhone subsidies," reports The Next Web.

Google unveils smart contact lens. "The company says it is currently testing prototypes of this contact lens that use a tiny wireless chip and a miniaturized glucose sensor," according to TechCrunch. "These chips are embedded in between two soft layers of lens material."