Financial Crime World

Cybercrime Remains a Significant Threat to German Businesses

Study Highlights Increased Financial Impact and Rising Risk of Attacks

A recent study by KPMG, “e-Crime in the German Economy 2024,” has revealed that cybercrime remains a significant threat to German businesses. The study found that over one-third (35%) of companies have fallen victim to attacks over the past two years.

Financial Impact of Cyberattacks Increases for Half of Affected Companies

The study also highlighted that the financial impact of these attacks has increased for more than half (57%) of affected companies. This suggests that cybercrime is not only a growing concern but also having a significant economic impact on German businesses.

Common Forms of Cybercrime Targeting German Companies

Phishing, Cloud Services Attacks, and Data Leaks Top the List

The study identified phishing (53%), attacks on cloud services (42%), and data leaks (37%) as the most common forms of cybercrime targeting German companies. These types of attacks can have severe consequences for businesses, including financial loss and damage to their reputation.

Service Providers Emerged as a Common Gateway for Cybercriminals

The study found that service providers have emerged as a common gateway for cybercriminals, with 54% of affected companies experiencing attacks on their own data via the technical infrastructure of service providers. The most targeted types of data are:

  • Customer information (47%)
  • Bank and financial data (42%)
  • Personnel data (37%)

Employees Remain a Significant Risk Factor

Lack of Security Awareness among Staff Cited as a Major Threat

The study highlighted that employees remain a significant risk factor, with 66% of companies citing a lack of security awareness among staff as a major threat to e-crime. To mitigate this risk, many companies are investing in employee training, with 74% relying on sensitization programs.

The study also noted an increasing trend towards cyber insurance, with 40% of companies already having taken out such coverage and a further 42% considering it. This suggests that businesses are recognizing the importance of protecting themselves against cyber threats and are taking proactive steps to do so.

Conclusion

“Cybercrime is no longer just a threat, but a reality that many German companies are facing,” said Michael Sauermann, Head of Forensic Technology Germany & EMA at KPMG. “Companies must invest in the human firewall, i.e., sensitizing their employees, to mitigate this risk.”