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Half of German companies hit by sabotage, spying, damaged 55 billion euros a year

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Staff Writer | July 21, 2017
More than half the companies in Germany have been hit by spying, sabotage or data theft in the last two years, the German IT industry association Bitkom said, and estimated the attacks caused around 55 billion euros' worth of damage a year.
German companies
Security   CEO Fraud
Several high-profile attacks have occurred recently, such as the WannaCry ransomware attacks in May and a virus dubbed NotPetya that halted production at some companies for more than a week.

Others lost millions of euros to organized crime in a scam called "CEO Fraud".

Some 53 percent of companies in Germany have been victims of industrial espionage, sabotage or data theft in the last two years, Bitkom found - up from 51 percent in a 2015 study.

At the same time, the damage caused rose by 8 percent to around 55 billion euros a year, the survey of 1,069 managers and people responsible for security in various sectors found.

The BSI urged companies in Europe's largest economy to make information security a top priority and said all companies need to report serious IT security incidents, even if anonymously.