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Germany faces €206 billion in cybercrime and digital theft costs - Bitkom

Germany faces €206 billion in cybercrime and digital theft costs - Bitkom

Losses resulting from stolen IT equipment and data, as well as digital and industrial espionage will cost Germany €206 billion in 2023, reveals a survey conducted by digital association Bitkom.

The study, which surveyed over 1000 companies, found that the damage will exceed €200 million for the third year in a row.

Further data shows that 75% of participating companies faced cyberattacks in the past year, dropping from 84% the year before. 52% of businesses believe that cyberattacks threaten their existence, an increase of 45% a year prior, and 9% two years ago.

70% of the surveyed companies reported theft of sensitive data, which is up 7% from the previous year. 61% reported that their digital communications had been spied on.

Bitkom president Ralf Wintergerst commented to Reuters: "The German economy is a highly attractive target for criminals and hostile states. The boundaries between organised crime and state-controlled actors are blurred."

President of the Federal Office for the Protection of the Constitution, Sinan Selen, stated: "Our response to this growing threat is to significantly strengthen cooperation with our partners, rapid detection and reaction to attacks, as well as continuous adaptation of our defence mechanisms.”

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