This paper examines the threat of cyber espionage to the national security of the United States. Cyber espionage in this paper focuses on the theft of information via the Internet, networks, or individual computers. It is just one facet of the larger cyber threat landscape to be considered by national security professionals. The threat exists to government and commercial interests. This paper uses the Risk Analysis Methodology of the Department of Homeland Security as discussed in the Congressional Research Service Report to Congress (Masse, O'Neill, & Rollins, 2007). This approach to risk considers the factors of threat, vulnerability, and consequences. The formulation is then considered in light of recent incidents such as GhostNet and Google. Finally, the paper proposes possible technical and policy options for leaders to implement to mitigate the risk to national security from cyber espionage.