Monday, January 18, 2016

CBS 60 Minutes - The Great Brain Robbery... and what to do about it.

The following is a script from "The Great Brain Robbery" which aired on Jan. 17, 2016 by CBS. Lesley Stahl is the correspondent. Rich Bonin, producer.

If spying is the world's second oldest profession, the government of China has given it a new, modern-day twist, enlisting an army of spies not to steal military secrets but the trade secrets and intellectual property of American companies. It's being called "the great brain robbery of America."

The Justice Department says that the scale of China's corporate espionage is so vast it constitutes a national security emergency, with China targeting virtually every sector of the U.S. economy, and costing American companies hundreds of billions of dollars in losses -- and more than two million jobs.

John Carlin: They're targeting our private companies. And it's not a fair fight. A private company can't compete against the resources of the second largest economy in the world. more

Part of the problem (worldwide) are the victims themselves. Many companies view taking steps to protect themselves an expensive annoyance. Corporate espionage is truly a national security issue, for many countries. Countering it requires an enhanced response. The old "punish the spy" solution is lopsided and ineffective. Check here for a new solution. Please spread the word.