Concerns over cyberattacks have reached record levels in the boardrooms of German companies, according to a new study.
Nearly 70 percent of the 501 executives surveyed rated the risk to their respective companies as "high" or "very high," according to a survey published Wednesday by consulting firm EY. Among companies with annual revenues exceeding 50 million euros, the figure climbed to 74 percent.
Across various sectors, telecom and technology firms, pharmaceutical and chemical companies, as well as utilities, most frequently considered themselves at significant risk. However, cybercriminals are increasingly targeting small and medium-sized enterprises, which typically have fewer resources for IT security, noted Bodo Meseke, Partner and Head of Cyber Response Services at EY.
The authors of the study see no signs of the situation easing. Virtually all respondents expect the threat to intensify further. Three-quarters identified organized crime as the greatest risk. While foreign intelligence agencies were cited only about half as often, their share increased compared to the previous survey in 2023.
When asked about countries posing the greatest threat, companies named Russia (76 percent) and China (62 percent)--the highest figures since the surveys began in 2015. However, this rise is not solely attributable to suspected intelligence activities, emphasized Lutz Naake, EY specialist for Cybersecurity Strategy & Transformation. These countries are increasingly serving as safe havens and operational bases for criminals.
A cybercrime status report presented Tuesday by the Federal Criminal Police Office painted a similar picture. Estimates suggest that the German economy suffered damages exceeding 178 billion euros last year.
(Reporting by Hakan Ersen, edited by Philipp Krach. For inquiries, please contact our editorial team at berlin.newsroom@thomsonreuters.com (for politics and economy) or frankfurt.newsroom@thomsonreuters.com (for companies and markets).)
