International conference leads to ban on cyber espionage

Nations including the United States, Russia and China agreed at the G-20 conference in Turkey to not engage in cyber espionage for commercial gain. This means that countries cannot spy on other countries to help the businesses and economy.

The relationship between the United States and China has been damaged because of the U.S. accusing China of cyber hacking them. China calls these claims “groundless,” but the U.S. has stepped up their cyber security against China.

While this does not seem like much, a recent study from McAfee Security shows that cybercrime costs the global economy anywhere between $375 billion to $575 billion every year.

“We are living in an age of Internet economy that brings both opportunities and challenges to global growth,” read a statement from the conference in Antalya, Turkey.

The statement went on to say that “no country should conduct computer-enabled theft of intellectual property, including trade secrets or other confidential business information, with the intent of providing competitive advantages to companies or commercial sectors.”

Whether or not these nations stick to their pledge is to be seen, especially since no nation so far has admitted conducting such espionage.