Cybercrime Costs German Firms €267 Billion in 2023

Cybercrime and sabotage have cost German companies approximately 267 billion euros ($298 billion) over the past year, marking a 29% increase from the previous year, according to a survey by the industry association Bitkom. The survey, which included around 1,000 businesses, revealed that 90% of companies expect cyberattacks to rise in the next 12 months. Organized crime was attributed to 70% of these attacks, while 81% of firms reported incidents of data theft, including customer information and intellectual property. Notably, 45% of businesses identified at least one attack from China, and 39% from Russia. In response to rising threats, companies are allocating 17% of their IT budgets to digital security, up from 14% last year, although only 37% have an emergency response plan for security incidents. Bitkom President Ralf Wintergerst highlighted the deteriorating security situation for the German economy, urging firms to enhance their protective measures.