Visa Waiver Program Improvement Act of 2014 - Amends the Immigration and Nationality Act to include terrorism risk as a factor the Secretary of Homeland Security (DHS) shall consider under the electronic system for travel authorization (ESTA) in determining the eligibility of an alien to travel to the United States.

Directs the Secretary to report to Congress regarding: (1) the number of individuals, identified by their countries of citizenship or nationality, who were denied eligibility to travel, or whose eligibility was revoked, under ESTA because the individual was determined to be a U.S. security threat; (2) steps to strengthen ESTA; and (3) foreign government compliance with information sharing agreements concerning passport theft or loss and whether a country's citizens or nationals traveling to the United States pose a U.S. security threat.

Authorizes the Secretary to suspend a country from the visa waiver program without prior notice if the country fails to comply with an agreement to share information regarding whether its citizens and nationals traveling to the United States pose a U.S. security threat.