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 against cybercrime and sabotage.
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.
With Reuters inputs
Thirty eight years in journalism, widely travelled, history buff with a preference for Old Monk Rum. Current interest/focus spans China, Technology and Trade. Recent reads: Steven Colls Directorate S and Alexander Frater's Chasing the Monsoon. Netflix/Prime video junkie. Loves animal videos on Facebook. Reluctant tweeter.
