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In a stark warning, German digital association Bitkom has projected that the cost of cyber threats, including theft of IT equipment, data breaches, digital espionage, and sabotage, will hit a staggering 206 billion euros ($224 billion) for Germany in 2023. This marks the third consecutive year that the nation is facing cyber-related damages surpassing the 200 billion euro mark, according to Bitkom’s comprehensive survey of over 1,000 companies.
Bitkom President Ralf Wintergerst expressed concern, stating, “The German economy is a highly attractive target for criminals and hostile states.”
The survey unveiled that approximately three-quarters of the companies queried had experienced digital attacks within the past year, a modest decline from the previous year’s 84%. Wintergerst regarded this decrease as a positive sign, suggesting that protective measures are beginning to yield results.
However, the survey also unveiled a disturbing trend. For the first time, when asked whether they believed “cyber attacks threaten your business existence,” more than half of the companies (52%) responded with a resounding “yes.” Just a year ago, this figure stood at 45%, demonstrating a worrying upward trajectory. Two years prior, it was a mere 9%.
The impact of these attacks is significant, with 70% of affected companies reporting sensitive data theft, a 7% increase from the previous year. Additionally, 61% of the surveyed companies revealed that their digital communications had been subjected to espionage, representing a 4% increase from the previous year.
In response to this growing threat, Sinan Selen, President of the Federal Office for the Protection of the Constitution, emphasized the need for enhanced collaboration with partners, swift detection and response mechanisms, and continuous adaptation of defense strategies.
As cyber threats continue to evolve and intensify, Germany, like many other nations, faces an ongoing battle to safeguard its digital infrastructure and economic interests in an increasingly interconnected world.
