Biggest threat to U.S. tech sector is Chinese espionage: Report

(National Sentinel) Theft: The Chinese are the biggest thieves of U.S. technology, according to a new report, stealing hundreds of billions worth of data a year.

The report by the Foundation for Defense of Democracies warns Chinese cyber espionage is the “single greatest threat to U.S. technology,” draining more than $300 billion a year from the economy.

â€œChina is engaged in wide-ranging cyber intrusions and network exploitations causing massive damage to U.S. and other foreign firms annually. By advantaging Chinese enterprises at the expense of competitors from the United States and its allies and partners, these attacks cumulatively degrade U.S. national security,â€Â saidÂ theÂ report, according toÂ Breitbart News.

The site noted further:

The Foundation attributed up to 80 percent of cross-border intellectual property theft worldwide, and over 90 percent of economic cyberespionage in the United States, to Chinese hackers. This rampant theft has allowed Chinaâ€™s state-run firms to steal what they need to erase the competitive advantages of pioneering American companies and â€œerode the United Statesâ€™ long-term position as a world leader in innovation and competitiveness,â€ including leadership in technology with military applications.

The report also describes China using cyberespionage as an instrument of â€œeconomic coercion,â€ citing the example of â€œsignificant cyber attacks from Chinaâ€ last year against the Lotte Group, the South Korean conglomerate that agreed to host Americaâ€™s THAAD anti-missile system on its property. The Chinese government also ceased e-commerce cooperation with Lotte and shut down almost all of its retail locations in China on flimsy pretexts.



