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Attacks on German industry cause 43 billion euros in damage

September 18, 2018 | From Virtual Forge GmbH

Attacks on German industry cause 43 billion euros in damageThis is the headline for the press release published on September, 13 2018 from the German Domestic Security Agency. We have summarized the key messages of the press release for you. The complete article can be found here (German only).

43 billion euros of damage over the past two years! This is a dramatic figure that we hope will make most entrepreneurs, who have not yet invested in cyber security, think again. 7 out of 10 industrial companies were victims of sabotage, data theft, or espionage according to the German Domestic Security Agency. 1 in 5 companies could not prove the attack but were suspected to have been attacked too. These results come from a study by the digital association Bitkom, which interviewed 503 managing directors and security officers.

"With its world market leaders, German industry is particularly interesting for criminals. "If you don't invest in IT security, you're acting negligently and endangering your business," said Bitkom President, Achim Berg.

Almost half of all companies have been victims to digital attacks. If you look at the 43 billion euros, you can only imagine the extent of  damage for the targeted companies. Particularly interesting for the attackers are sensitive company data. This includes intercepted emails, customer and financial data, as well as results from research and development. A data theft in this area hits a company directly in the spinal cord. And if you think it could not get worse, the perpetrators usually come from their own ranks. In 63% of companies, the attacks are committed by employees or by employees who have already left the company.

"Illegal knowledge and technology transfer, social engineering and even economic sabotage are not rare individual cases, but a mass phenomenon,” said Vice President of the German Domestic Security Agency, Thomas Haldenberg.

Since German world market leaders often do not use conventional IT systems, but usually work with SAP programs, this study should prove to be a wake-up call for SAP security. Don’t wait to become a victim of an attack. Start investing in SAP security today to minimize your exposure to these malicious attacks.

Understand Your Risk!

 

Topics: UnderstandYourRisk