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Counterfeiters, Hackers Cost U.S. Up to $600 Billion a Year

(Paul Wiseman – Associated Press)

Counterfeit goods, software piracy and the theft of trade secrets cost the American economy as much as $600 billion a year, a private watchdog says.

In a report out Monday, the Commission on the Theft of American Intellectual Property says the annual losses range from about $225 billion to $600 billion. The theft of trade secrets alone costs the United States between $180 billion and $540 billion annually. Counterfeit goods cost the United States $29 billion to $41 billion annual; pirated software costs an additional $18 billion a year.

The findings echo those of the Office of the Director of National Intelligence, which in 2015 pegged the annual cost of economic espionage by computer hacking at $400 billion. Click here to read more.

Related: 2017 Update to the IP Commission Report