Cyberattacks in Germany Cost $50 billion

14 September 2018 Internet, IT & e-Discovery Blog Blog
Authors: Peter Vogel

Reuters reported about “Bitkom surveyed 503 top managers and security chiefs from across Germany’s manufacturing sector” and reported that “Two thirds of Germany’s manufacturers have been hit by cyber-crime attacks, costing industry in Europe’s largest economy some 43 billion euros ($50 billion),…”. The September 13, 2018 article entitled “Cyber attacks cost German industry almost $50 billion: study”included these details:

German security officials have long been sounding the alarm about the risk of well-resourced foreign spy agencies using cyber attacks to steal the advanced manufacturing techniques that have made Germany one of the world’s leading exporters.

The survey identified risks across the spectrum, with a third of companies surveyed reporting mobile phones had been stolen and a quarter saying they had lost sensitive digital data.

There was evidence cyber criminals were also using other techniques to hobble their German competitors, the survey found, with 19 percent of those polled saying their IT and production systems had been sabotaged digitally, and 11 percent reporting tapping of their communications.

What do you think about this alarming news?

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