SYDNEY: Apart from upsetting the US' ties with its allies, the alleged snoop-ops have also put to risk 35 billion dollars worth technology sales, a policy research group has revealed.
The alleged mass surveillance programmes exposed by whistleblower Edward Snowden have is hurting global sales by American technology companies and setting back US efforts to promote internet freedom.
The Information Technology and Innovation Foundation has pointed that disclosures of spying abroad may cost US companies as much as $35 billion in lost revenue through 2016 because of doubts about the security of information on their systems, the Sydney Morning Herald reports.
Analyst at a Washington policy group, Rebecca MacKinnon said that the potential fallout is pretty huge as a result of the US economy's dependence on the information economy for its growth.
The report said that any setback in the US push to maintain an open internet could in turn also affect tech giants like Google and Apple who benefit from global networks with few national restrictions, but have been embroiled in the alleged unauthorized spying fiasco.
Major tech companies like China's Cisco, Akamai Technologies in Germany and anti-virus company like Kaspersky have expressed concern following the disclosures leading to loss of trust amongst customers and investors alike.
Executive vice president with the US Chamber of Commerce, Myron Brilliant said that cross-border data flows are expected to add an estimated 1 trillion dollars in value to the US economy annually over the next 10 years.
The cloud computing market will be valued at $207 billion by 2016, according to the Information Technology and Innovation Foundation.
Meanwhile, a survey by the Cloud Security Alliance, an industry group, found that 10 percent of its non-US members have canceled contracts with US-based cloud providers since May.
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