US Tech Companies Expected To Lose More Than $35 Billion Over NSA Spying

Patrick O'Neill writes: Citing significant sales hits taken by big American firms like Apple, Intel, Microsoft, Cisco, Salesforce, Qualcomm, IBM, and Hewlett-Packard, a new report says losses by U.S. tech companies as a result of NSA spying and Snowden's whistleblowing "will likely far exceed" $35 billion. Previously, the Information Technology and Innovation Foundation put the estimate lower when it predicted the losses would be felt mostly in the cloud industry. The consequences are being felt more widely and deeply than previously thought, however, so the number keeps rising.

Comments

Re:Profits?

[Feral Nerd]

I haven't seen any estimates on the benefits/profits to US (tech) companies from the industrial espionage part of the NSA spying published anywhere? Would anyone have a number or a link to a source?

Just trying to get some perspective here.

There was a report issued by the European Parliament some years ago about how the NSA used the Echelon system on behalf of US corporations to spy on their competitors. That report cited somel successful NSA industrial espionage operations but it is a bit dated now. Back then the conclusion was that any company that did not switch all of its communications to encrypted tech and didn't hire security consultants was basically asking the NSA to hand its trade secrets to American competitors (and I'm sure the same applies to US companies vis a vis Russian/Chinese/European competitors). Of course very few people listened back then. I'll be disappointed if the NSA hasn't taken their industrial espionage operation to the next level since then. I keep hoping the the European Parliament will issue an updated second edition of this report.

Re:The NSA fallout here is astonishing

[StikyPad]

But can you really put a price on safety? All of this spying has made us incredibly safe, as evidenced by steep decline in terrorism-related deaths in the US since 2001, zero of which have been from hijacked airplanes. I mean, sure, more people in the US died from malnutrition in 2001 (and every year since) than from 9/11 attacks, but starvation in America is hardly a problem we can solve by just throwing hundreds of billions of fucking dollars at the way we can with terrorism.

And yes, many, many other countries have been affected by terrorism without getting sucked into a perpetual war in a variety of countries that may or may not have had anything to do with the attacks or creating a power vacuum for ISIS to fill, but those aren't the best, most exceptional countries in the world, are they? Probably French or European countries. Light on a hill, American exceptionalism, Stikypad for President 2016, y'all!