According to a report by the German digital association Bitkom, cybercrime is expected to have a significant impact on the German economy in 2023.
The report estimates that cybercriminal activities, including fraud, cyber espionage, intellectual property theft, sabotage, and extortion, will cost Germany a staggering 206 billion euros (approximately $224 billion) this year. These alarming figures, based on a Bitkom survey of more than 1,000 companies, are concerning for both politicians and citizens.
The survey revealed that around 75% of the organizations surveyed had fallen victim to cyberattacks in the past year. While this percentage is slightly lower than the previous year’s 84%, it still indicates a substantial threat landscape. Germany’s strong economy makes it an attractive target for cybercriminals and state-sponsored actors seeking to maximize their profits. Disturbingly, this marks the third consecutive year that the estimated cost of cybercrime will exceed 200 billion euros.
Bitkom President Ralf Wintergerst highlighted the blurred lines between organized crime and state-controlled actors in cyberattacks. He also noted that the decline in the number of victimized companies, while a positive sign, underscores the effectiveness of protective measures.
However, over half of the surveyed companies expressed concerns that cyberattacks could threaten their very existence, indicating the severity of the threat. Despite increasing awareness and security measures, the report shows that cybercrime remains a formidable challenge for Germany.