Technology
Cybercrime and Sabotage Cost German Firms $300 Billion in Past Year
Published by Uma Rajagopal
Posted on August 29, 2024
2 min readLast updated: January 29, 2026
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Published by Uma Rajagopal
Posted on August 29, 2024
2 min readLast updated: January 29, 2026
Add as preferred source on GoogleBERLIN (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.
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)
Cybercrime refers to illegal activities conducted via the internet or through digital devices, including data theft, hacking, and online fraud.
Digital security involves protecting digital information and systems from unauthorized access, theft, or damage, often through various security measures.
Data theft is the unauthorized copying, transfer, or use of sensitive information, often for malicious purposes such as identity theft or fraud.
An emergency plan is a documented strategy that outlines how an organization will respond to unexpected incidents, including cyberattacks.
Organized crime refers to criminal activities that are coordinated and carried out by structured groups, often for profit, such as drug trafficking or cybercrime.
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