Define: Economic Espionage

Economic espionage refers to the illegal act of stealing trade secrets or proprietary information from a company or organisation for economic or commercial advantage.

Trade secrets are confidential and valuable information that gives a company a competitive edge in the market. They can include formulas, processes, customer lists, marketing strategies, or any other information that is not generally known to the public.

Yes, economic espionage is a federal crime in the United States. It is covered under the Economic Espionage Act of 1996, which makes it illegal to steal, copy, or transmit trade secrets for economic benefit.

The penalties for economic espionage can be severe. Individuals convicted of economic espionage can face fines of up to $5 million for individuals and $10 million for organisations. Additionally, imprisonment for up to 15 years can be imposed.

Yes, a company can be held liable for economic espionage committed by its employees if it can be proven that the company was negligent in protecting its trade secrets or if it condoned or encouraged the illegal activity.

Companies can protect themselves from economic espionage by implementing strong security measures, such as restricting access to sensitive information, using encryption, conducting regular audits, and educating employees about the importance of trade secret protection.

Yes, economic espionage can be committed by foreign entities. In fact, it is often a concern for companies operating in international markets, as foreign governments or competitors may attempt to steal trade secrets to gain a competitive advantage.

Yes, individuals can be held liable for economic espionage even if they unknowingly possess stolen trade secrets. It is important for individuals to exercise caution and ensure that they are not in possession of any stolen or illegally obtained information.

Yes, economic espionage can be prosecuted in civil court. Companies that have suffered financial losses due to economic espionage can file a civil lawsuit against the responsible parties to seek compensation for damages.

Possible defences against economic espionage charges may include lack of intent, lack of evidence, or proving that the information in question does not meet the criteria for trade secret protection. It is crucial to consult with an experienced attorney to determine the best defence strategy in each specific case.