Enriching Life Through Innovative Ideas SM

Does industrial espionage still occur?

The Cold War may be over, but espionage never goes out of style. In fact, it may be one of the oldest activities on Earth. Since man began inventing and acquiring objects, even the simplest of tools and adornments, it is a sure bet that someone else has wanted to borrow, share or steal it from them, or at least, acquire the knowledge to make their own. Industrial espionage, also known as economic espionage, is still alive and well today.

The American Bar Association notes that, along with companies, many individuals and even governments around the world have used cyber espionage to steal trade secrets from U.S. businesses in ever-increasing amounts. It is not hard to understand why when, in 2010 alone, intellectual property accounted for nearly 35 percent of the nation’s gross domestic product, valued at $5.06 trillion.

By hacking into targeted U.S. businesses, cyber spies have weakened the market share and competitive edge of many American companies. They have also created the possibility that these businesses may have to compete with technologies they themselves developed, which were stolen and used or sold to another company. Congress reported in 2013 that theft of U.S. intellectual property amounted to a loss of $300 billion annually and 2.1 million jobs. The economic effect of that amount is roughly a loss of $1 billion daily.

Congress passed the Economic Espionage Act in 1996, the nation’s major criminal law for prosecuting industrial spying. But there is no remedy for civil actions against international organizations and other countries. Some think there should be, if the law is to function as a deterrent.

Attorneys can help lessen the impact of spying on individual organizations ensuring the company’s technology is legally protected and rigorously pursuing theft of intellectual property. Another important action is to negotiate better agreements for security software. If you are concerned about in-person or cyber espionage at your company, you can consult an attorney with expertise in protecting intellectual property.

FindLaw Network

What Our Clients Say

Starting a new business can be a bit scary. Aside from worries of failure, there’s also the hassle of making sure all legal paperwork are properly filed. I reached out to Mr. Wang (Tommy) because of his excellent reviews and reputation and I am so glad I did. He was thorough and meticulous in answering all of my concerns and took time to find out special laws and policies regarding the kind of business I am starting. I could focus on the daily practical side of starting my new office without worry because I felt Tommy was reliable and took my case seriously. My business is opened and it’s all been a smooth start because of Tommy’s help. I have plans to start another business venture in the next few years and I already know I’ll be coming back to Wang IP Law.

The Shindig W.

I came to Tommy for help reviewing a licensing agreement I had secured with a well-known manufacturer. Tommy made sure I understood all the details in the contract and he negotiated with the company to improve my side of the deal. I mentioned to Tommy at my first consultation that we were looking to expand throughout the US and were investing a lot of money to make a big entrance into the market. I did not think I would have my store open so soon but Tommy also has connections with the local area and realtors to help me secure the location for my first store in the Los Angeles area. Tommy works a lot with the local businesses and he understands how to transition from the Asian market to US market. Within 8 months my store was open for business and fully operating. I must recommend Tommy to any business owners looking for help with contracts and improving their side of the deal. Tommy has the knowledge and experience to make sure there is a smooth process to open for business here, and make sure that your company is set up for success.

LI H.

I think Tommy and his team by far considered the best people to work with in my 16 business years. Beside quick responses to all my inquiries, they also done things right and providing very professional solutions. I’m highly recommending Tommy and his firm to all business owners.

Calvin C.

I have been working on my Utility Patent for almost 4 years. I have hired and fired two very reputable IP firms because with all their expertise and reputation for being some of the top firms in IP Law, I felt a lack of connection and care in my product, time and financial investment. Then I found Tommy and his team. Tommy does not waste time. He and his team are professional and extremely thorough. After 4 years, I finally found a legal team that I felt spent the time to really understand the components of my utility patent. Tommy also very mindful of cost and how and where my money would be better spent. I really feel I am in great hands with Tommy and his team. They have been patient with my revisions. And most importantly, they made me feel that they fully understood the importance this patent is to me. It has been a great and comforting pleasure working with Tommy.

G.L.

Read All