Cybercrime to cost Germany $223.5B in 2023, Bitkom survey shows

A man holds a laptop computer as cyber code is projected on him in this illustration picture taken on May 13, 2017. Capitalizing on spying tools believed to have been developed by the U.S. National Security Agency, hackers staged a cyber assault with a self-spreading malware that has infected tens of thousands of computers in nearly 100 countries. REUTERS/Kacper Pempel/Illustration/File photo

BERLIN  – The theft of IT equipment and data, as well as digital and industrial espionage and sabotage, will cost Germany 206 billion euros ($223.55 billion) in 2023, Germany’s digital association Bitkom said Friday.

The damage will surpass the 200 billion euro mark for the third consecutive year this year, according to a Bitkom survey of more than 1,000 companies.

“The German economy is a highly attractive target for criminals and hostile states. The boundaries between organized crime and state-controlled actors are blurred,” Bitkom president Ralf Wintergerst said on Friday.

Russia and China are important hubs for these attacks, he added in a press conference to present the survey.

Around three quarters of the companies surveyed suffered digital attacks in the past 12 months, falling from 84 percent of the companies in the previous year.

“The slight decline in the number of companies is a positive sign and indicates that protective measures are having an effect,” said Wintergerst.

For the first time, more than half of the companies feel that their existence is threatened by cyberattacks. A year ago that figure stood at 45 percent, and two years ago it stood at 9 percent, according to the survey.

($1 = 0.9215 euros)