American Tech Companies losing Foreign Business - International Buzz | Financial Buzz

American Tech Companies Losing Foreign Business

Security, Tech Companies, NSA, American Foundation, WashingtonSince last year, many tech companies have lost millions in foreign revenue after a former NSA contractor, Edward Snowden leaked information shedding light on the NSA and that it had been spying on people all over the world without them even knowing it. This has caused many companies that would use American tech companies for clouding services to end their contracts due to the fear of them being spied on.

The technology companies based in the United States are in danger of losing more business to competitors from outside of the country. The New America Foundation is an organization which encourages people to find foreign competitors instead of getting spied on by the NSA.

The foundation was made to prohibit the NSA from retrieving data in large amounts, which gives the government more details on companies. Today, Washington is scheduled to announce some methods that were recommended by New America Foundation. When asked about their mission they say “we are NSA’s worst nightmare, we are fighting for our privacy”.

Some big name companies like Microsoft Corporation (NASDAQ: MSFT) and Cisco Systems, Inc.(NASDAQ: CSCO) were negatively affected by the NSA reports which accused the companies to let the NSA use their cloud services to spy on people all over the world. These technology companies will now have less clients outside the United States which will hurt the overall sector, which is valued at $150 billion.