The Defense Trade Secrets Act was signed by the President yesterday. I am hopeful it will have a positive impact to help American companies protect their intellectual property to both external and insider theft.
As reported in USA Today, "One of the biggest advantages that we've got in this global economy is that we innovate," Obama said at a signing ceremony while flanked by a bipartisan congressional delegation. "We come up with new services, new goods, new products, new technologies. Unfortunately, all too often, some of our competitors, instead of competing with us fairly, are trying to steal these trade secrets from American companies, and that means a loss of American jobs, a loss of American markets, a loss of American leadership."
The theft of trade secrets costs the economy more than $300 billion a year, according to the Commission on the Theft of American Intellectual Property. That's comparable to the annual U.S. exports to Asia.
Fifty percent or more of those thefts are from insiders who knowingly steal, or unwittingly give away America's competitive advantage. Let's put a stop to that.