A recent study by Bitkom, a German IT industry association, has revealed that cyberattacks and industrial espionage have cost German companies $50B in the past two years alone. According to the report, two thirds of German companies have fallen victim to cyberattacks, sabotage, data theft, or espionage.
Germany is Europe’s largest economy, which might explain why they are such a massive target for attacks. “With its worldwide market leaders, German industry is particularly interesting for criminals,” said Bitkom president Achim Berg. “Those who do not invest in IT security are negligent and endanger their business.”
A country known for its automobiles, Germany has also seen an uptick in relay attacks against cars that have keyless entry. These incidents make use of vulnerabilities like what was reported on Tesla last week. As The Telegraph reports on this rising trend, “Hackers target the key fob of high-end cars, getting it to transmit a security code to trick the car into unlocking and starting itself.”
The Bitkom study found that 63 percent of the incidents of attacks or espionage involved current or former employees of the company. “Hobby hackers” were believed to be responsible for 29 percent of attacks, and foreign intelligence actors for 11 percent.
A third of the surveyed companies reported that mobile phones had been stolen, and a quarter said that they had lost sensitive digital data.
In the past, hackers might have been less choosey about their targets, or even picked easier victims. With more powerful hacking tools now available, attackers are more brazen and seek out targets that have power and influence.
Get the full story at Reuters.