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Cybercrime considered major threat to German business

Bitkom estimates cyberattacks will cost German businesses over 200 Billion EUR in 2023.

Cybercrime - October 08, 2023

On September 1, 2023, Bitkom, the German information and telecoms trade body, published their yearly study on the effect of cyberattacks on German businesses. Financially, the report calculated the total damage amounted to 206 Billion EUR in 2023. The 200 Billion mark was passed a third year in a row.

The share of German businesses hit by at least one cyberattack during the year remains extremely significant, at 72%, despite a slight decrease (84% in 2022). Fifty-two percent of companies surveyed deem their existence threatened by cybercriminal groups, compared to 45% in 2022, and only 9% in 2021. This concern has driven German businesses to increase their cybersecurity expenses, from 9% to 14% of their IT budgets between 2022 and 2023.

The geographic source of attackers is unsurprising. Indeed, respondents attributed 42% of cyberattacks to Russia and 30% to China. “The German economy is a very attractive target for criminals and hostile States,” warns Ralf Wintergerst, Bitkom president.

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