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Cybercrime in Germany’s Financial Industry: Study Reveals Alarming Trends
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A recent study by KPMG has sounded the alarm on the growing threat of cybercrime in Germany’s financial industry, with a staggering 35% of companies reporting falling victim to cyber attacks over the past two years.
The Study’s Findings
The study, titled “e-Crime in the German Economy 2024”, paints a disturbing picture of a sector increasingly vulnerable to digital threats. Key findings include:
- A whopping 57% of respondents reported an increase in total damage caused by cybercrime, highlighting the significant economic burden these attacks are placing on German businesses.
- Phishing attacks (53%), assaults on cloud services (42%), and data leaks (37%) were identified as the most common forms of cybercrime affecting German companies.
Targeted Industries
Mail servers (39%) and web servers (36%) emerged as prime targets for hackers, who often use service providers’ technical infrastructure to launch their attacks.
Employee Risk Factor
The study found that employees remain a significant risk factor in the fight against cybercrime. A staggering 66% of companies cited a lack of security awareness among staff as a major concern, prompting many to rely on training programs to sensitize their workforce.
Cyber Insurance Policies
In response to the growing threat, German companies are increasingly turning to cyber insurance policies. A remarkable 40% of respondents have already taken out such coverage, while a further 42% are considering doing so in the future.
Recommendations
The study’s findings serve as a stark reminder that cybercrime is no longer an abstract threat, but a very real and present danger facing German businesses. As KPMG’s Head of Forensic Technology Germany & EMA, Michael Sauermann, notes, “People remain a major risk when it comes to cybercrime… Companies should invest in the human firewall, i.e., sensitizing their employees.”
Conclusion
In light of these findings, it is imperative that German companies take proactive steps to protect themselves against the financial consequences of e-crime. By investing in employee training and cybersecurity measures, businesses can reduce their vulnerability to attack and mitigate the devastating effects of cybercrime on their bottom line.
Methodology
The study’s methodology involved surveying 750 employees from a representative sample of companies across various sectors and turnover ranges. The findings provide a comprehensive overview of the current state of cybercrime in Germany’s financial industry, offering valuable insights for businesses seeking to stay ahead of the threats posed by these digital attacks.