US accuses China and Russia of economic spying in cyberspace

WHAT: America’s losses from stolen research and development could be as much as $398 billion. The number of Internet attacks on business data is growing — especially against companies smaller than the Fortune 500.

HOW: The U.S. national intelligence director said China and Russia target U.S. residents having family homeland ties and “insider access to corporate networks to steal trade secrets” using removable media, mobile devices or email.

WHY IT’S NEW: “Foreign Spies Stealing U.S. Economic Secrets in Cyberspace” is the first U.S. government report to openly accuse China and Russia of large-scale business espionage and give details of how it’s done.

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