U.S.-based encrypted email services are also feeling the pain. The fallout from NSA activity could include as much as $35 billion in lost business to cloud service providers over the next three years. President Obama conceded to reporters in Washington, D.C., that more openness and safeguards were needed. There is no evidence that the NSA is gathering sensitive information from European companies, but its mandate to operate in secrecy prevents the spy agency from disclosing exactly what it gathers and how it uses it.”]