China’s Cyber Attacks Cost U.S. Trillions

China’s Cyber Attacks Cost U.S. Trillions

BY: Washington Free Beacon Staff
November 21, 2014 11:52 am

Chinese cyber attacks on U.S. businesses and the U.S. government cost the United States trillions of dollars and millions of jobs, the Epoch Times reports.

Many experts say Chinese cyber attacks are “America’s biggest threat.”

One way to estimate the damage done in this war is through the cost of intellectual property theft, most of which is done by the Chinese regime.

The Commission on the Theft of Intellectual Property estimated such theft costs the United States $300 billion and 1.2 million jobs a year.

Fleming said, based on research from his company’s intelligence unit and client situations, the cost is closer to $500 billion worth of raw innovation that is stolen from U.S. companies.

That $500 billion would otherwise generate revenue, profits, and jobs. In a previous interview, Fleming estimated the total loss to the economy from the theft of innovation is $5 trillion each year when considering the expected 10-year life of the research and development.