Obama Administration to Announce New Strategy to Combat Trade Secret Theft

The White House announced today that it will employ a new strategy to target trade secret theft. The announcement comes on the heels of computer security firm Mandiant's report that a Chinese Military unit hacked at least 115 American companies and put their confidential and proprietary information at risk. Recently, both Apple, Inc. and Facebook have publicly admitted to being victims of cyber attacks.

The White House will host several major corporate executives, where the Obama administration (including U.S. Attorney General Eric Holder, Acting Commerce Secretary Rebecca Blank and White House Intellectual Property Enforcement coordinator Victoria Espinel) will discuss its new strategy to combat this growing problem. Congress recently enacted both the Foreign and Economic Espionage Penalty Enhancement Act of 2012 and the Theft of Trade Secrets Clarification Act, which aim to increase liability and penalties for trade secret theft. Last week, the President signed an Executive Order on Improving Critical Infrastructure Cyber Security.