Rising Cybercrime Costs German Companies Billions

A survey by Bitkom revealed that cybercrime has cost German businesses 267 billion euros ($298 billion) in the past year, up 29% from the previous year. The survey highlighted that 90% of companies expect more attacks in the next 12 months, with data theft and attacks from organized crime being major concerns.

In a concerning development, cybercrime and other acts of sabotage have cost German companies approximately 267 billion euros ($298 billion) over the past year, representing a 29% increase from the preceding year. This information emerges from a survey conducted by industry association Bitkom, which polled around 1,000 companies across various sectors. The findings revealed that 90% of the surveyed firms expect a rise in cyberattacks over the next 12 months, while the remaining 10% anticipate stable levels of cyber threats.

The survey further indicates that organized crime is responsible for 70% of the attacks on these companies. Additionally, 81% of companies reported incidents of data theft, including the loss of customer information, access credentials, and intellectual property such as patents. Notably, around 45% of businesses identified at least one attack originating from China, increasing from 42% in the previous year, with Russia accounting for 39% of the attacks.

"The threat situation for the German economy is worsening," stated Bitkom President Ralf Wintergerst, urging companies to bolster their defensive measures. Reflecting the increasing threat, firms have earmarked 17% of their IT budgets for digital security, up from 14% last year. However, only 37% of organizations have developed an emergency response plan for security incidents affecting their supply chains, according to the survey.

(With inputs from agencies.)