A US House of Representatives committee has approved new legislation designed to make it easier for firms to protect their intellectual property from theft, including cyber espionage.
According Infosecurity, the House Judiciary Committee approved H.R. 5233, the Trade Secrets Protection Act of 2014,on Wednesday. The bipartisan legislation seeks to amend the Economic Espionage Act of 1996 to create a federal civil remedy for the misappropriation of trade secrets. This means that firms can now seek civil penalties if they believe they have been the victim of IP theft.
House Judiciary Committee chairman Bob Goodlatte, ranking member John Conyers, IP Subcommittee chairman Howard Coble, IP ranking member Jerrold Nadler, and Rep. George Holding said in a joint statement that US trade secrets – worth $5 trillion in 2009 – have become more vulnerable to theft as a result of the globalized economy.
