According to a recent report by the Commission on the Theft of American Intellectual Property, intellectual property theft cost the US around 300 billion dollars per year, a staggering figure equal to America's total exports to Asia. Somewhere between half and 80 percent of that theft is believed to have come from China.
At the end of March President Obama signed a bill restricting the use of Chinese products by federal agencies including NASA, the National Science Foundation and the Commerce and Justice departments.
The law blocks these agencies from buying information technology that has been “produced, manufactured or assembled” by a company with ties to the Chinese government unless the FBI or a similar agency determines the purchase would be in the national interest.
Europe is also concerned about this issue and a new cyber security directive is currently being reviewed by the European Parliament. The directive also includes a section on defending European interests by not relying too heavily on foreign technology for obvious reasons.
The new European cyber security directive will attempt to set standards on cyber security issues and aims to make European security technology a world leader. With the E.U. security industry valued between €26 billion and €36.5 billion with around 180,000 employees. This obviously is also of great importance as the directive is being launched.
Read more: International cyber security - economics or security | New Europe
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