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HomeHacking & Cyber-CrimeGermany may need to pay 206 billion euros for cybercrime c…

Germany may need to pay 206 billion euros for cybercrime c…

Germany may need to pay 206 billion euros for cybercrime costs in 2023
Germany's cybercrime cost is expected to exceed the 200 billion euro mark in 2023. This will be the third consecutive year for the company to bear such huge cybercrime-related costs. This includes theft of IT equipment or data, as well as digital/industrial espionage and sabotage. According to a survey conducted by the German digital association Bitkom involving more than 1,000 companies, Germany may need to pay 206 billion euros ($224 billion) in 2023 for cybercrime-related costs.

In a statement (spotted by Reuters), Bitkom President Ralf Wintergerst said: “The German economy is a highly attractive target for criminals and hostile states. The boundaries between organised crime and state-controlled actors are blurred.”

How cybercrime is affecting German companies
The report noted that 75% of the companies involved in the survey claimed to be victims of cyberattacks in the past 12 months. However, the number seems to have gone down from last year. In 2022, 84% of the companies made similar claims related to cyber-attacks.

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

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As a part of the survey, the companies were asked whether "cyber attacks threaten your business existence". The report notes that this was the first time over half of the companies (52%), said "yes". In 2022, this figure stood at 45% and two years ago it stood at 9%, according to the survey.

The report also noted that 70% of the companies that have suffered a cyberattack have had their sensitive data stolen. To compare, this number has increased by 7% from 2022 and has reached 70%. Moreover, hackers also spied on digital communications in 61% of companies which has also increased by 4% since last year.

"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," Sinan Selen, president of the Federal Office for the Protection of the Constitution said.


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