What is the term for the theft of trade secrets for economic advantage?

The term for the theft of trade secrets for economic advantage is economic espionage. This practice involves the unauthorized acquisition of sensitive, proprietary information, often for the purpose of gaining a competitive edge in the marketplace. Economic espionage is typically carried out by individual competitors, corporations, or even state actors seeking to enhance their economic positions or undermine rivals.

Understanding this term is crucial since it highlights the significance of protecting intellectual property and trade secrets in a global economy. Companies invest heavily in research and development; losing trade secrets can lead to significant financial losses and diminish competitive advantages. This underlines the important role of counterintelligence in safeguarding against theft that can have far-reaching economic implications.