29 Jun '12, 6pm

U.S. Companies Lost At Least $13 Billion to Espionage Last Year

Yesterday, C. Frank Figliuzzi , the head of the U.S. Federal Bureau of Investigation’s counterintelligence division, testified [PDF] that based on the FBI's pending case load, "economic espionage losses to the American economy total more than $13 billion" and that the threat, which is coming from foreign governments, corporations, hackers and insiders, is growing. In his testimony to the Intelligence Subcommittee of the House Homeland Security Committee , he indicated that one primary cause has been the continuing global economic financial crisis. Figliuzzi said that: "With each year, foreign intelligence services and their collectors become more creative and more sophisticated in their methods to undermine American business and erode the one thing that most provides American business its leading edge; our ability to innovate..." "What we're seeing is that foreign nations ...

Full article: http://spectrum.ieee.org/riskfactor/telecom/security/us-c...

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