[Germany] Cybercrime set to cost €206bn this year

According to new research, the theft of IT equipment and data, as well as digital and industrial espionage and sabotage, is projected to cost Germany €206 billion in 2023, The Financial Express reports.

This will be the third consecutive year that the impact of cybercrime will surpass the €200 billion mark, according to a survey of more than 1,000 companies from the German digital association Bitkom.

"The German economy is a highly attractive target for criminals and hostile states. The boundaries between organised crime and state-controlled actors are blurred," Bitkom President Ralf Wintergerst said.

Around three-quarters of the companies surveyed have reportedly suffered digital attacks in the past 12 months, falling from 84 per cent of the companies in the previous year.

"The slight decline in the number of companies is a positive sign and indicates that protective measures are having an effect," Mr Wintergerst said.

Responding to the question of whether "cyber attacks threaten your business existence", for the first time more than half of the companies, or 52 per cent, said "yes". In 2022 that figure was 45 per cent, and two years ago it stood at 9 per cent, according to the survey’s findings.

Of the companies suffering cyberattacks, 70 per cent have reportedly had sensitive data stolen; an increase of 7 per cent on the previous year. While 61 per cent of companies have had their digital communications spied on, up 4 percentage points from 2022.

Sinan Selen - president of the Federal Office for the Protection of the Constitution - said, "Our response to this growing threat is to significantly strengthen cooperation with our partners, rapid detection and reaction to attacks, as well as continuous adaptation of our defence mechanisms."

Source: The Financial Express

(Quotes via original reporting) 

According to new research, the theft of IT equipment and data, as well as digital and industrial espionage and sabotage, is projected to cost Germany €206 billion in 2023, The Financial Express reports.

This will be the third consecutive year that the impact of cybercrime will surpass the €200 billion mark, according to a survey of more than 1,000 companies from the German digital association Bitkom.

"The German economy is a highly attractive target for criminals and hostile states. The boundaries between organised crime and state-controlled actors are blurred," Bitkom President Ralf Wintergerst said.

Around three-quarters of the companies surveyed have reportedly suffered digital attacks in the past 12 months, falling from 84 per cent of the companies in the previous year.

"The slight decline in the number of companies is a positive sign and indicates that protective measures are having an effect," Mr Wintergerst said.

Responding to the question of whether "cyber attacks threaten your business existence", for the first time more than half of the companies, or 52 per cent, said "yes". In 2022 that figure was 45 per cent, and two years ago it stood at 9 per cent, according to the survey’s findings.

Of the companies suffering cyberattacks, 70 per cent have reportedly had sensitive data stolen; an increase of 7 per cent on the previous year. While 61 per cent of companies have had their digital communications spied on, up 4 percentage points from 2022.

Sinan Selen - president of the Federal Office for the Protection of the Constitution - said, "Our response to this growing threat is to significantly strengthen cooperation with our partners, rapid detection and reaction to attacks, as well as continuous adaptation of our defence mechanisms."

Source: The Financial Express

(Quotes via original reporting)