Publisher's Synopsis
The Intellectual Property Commission recently published a report on the theft of intellectual property and estimated that it costs the U.S. economy over $300 billion a year, which translates roughly to 2.1 million lost jobs. To put this in perspective, the IP Commission found that the total cost of cyber theft was comparable to the amount of U.S. exports to Asia. General Keith Alexander, the director of the National Security Agency, called cyber crime and the resulting loss of our intellectual property and technology to our competitors "the greatest transfer of wealth in U.S. history." The purpose of this hearing is to understand how this loss is happening, the cost to our country, and how companies and the U.S. government are responding to this threat. The witnesses today will explain the methods and tactics used to penetrate U.S. cyber systems and what China and other perpetrators do with the information they obtain through these attacks.
