# Cybercrime and sabotage cost German firms $300 billion in past year
Published: 2024-08-29
Category: Technology
Category URL: https://assetdigest.com/category/technology/
Meta Title: German Companies Hit Hard by Cybercrime: SurveyGerman Companies Face $298B Cyber Attack Losses - Bitkom Survey
Meta Description: Protect your business from cyberattacks! Find out how German companies spent 267 billion euros on cybercrime in the past year. Learn more now.A survey by Bitkom reveals cybercrime has cost German companies around 267 billion euros in the past year, with 90% expecting more attacks.
URL: https://assetdigest.com/cybercrime-and-sabotage-cost-german-firms-300-billion-in-past-year/

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BERLIN (Reuters) – Cybercrime and other acts of sabotage have cost German companies around 267 billion euros ($298 billion) in the past year, up 29% on the year before, according to a survey published on Wednesday.

Industry association Bitkom surveyed around 1,000 companies from all sectors and found that 90% expect more cyberattacks in the next 12 months, with the remaining 10% expecting the same level of attacks.

Some 70% of companies that were targeted attributed the attacks to organised crime, the survey found, adding 81% of companies reported data theft, including customer data, access data and passwords, as well as intellectual property such as patents.

Around 45% of companies said they could attribute at least one attack to China, up from 42% in the previous year. Attacks blamed on Russia came in second place at 39%.

“The threat situation for the German economy is worsening,” Bitkom President Ralf Wintergerst said in a statement, adding that companies must step up protective measures.

The increase in attacks has prompted companies to allocate 17% of their IT budget to digital security, up from 14% last year, but only 37% said they had an emergency plan to react to security incidents in their supply chain, the survey showed.

($1 = 0.8958 euros)

(Reporting by Christian Kraemer; Writing by Riham Alkousaa; Editing by Mark Potter)


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