German Businesses Brace for Elevated Cyber Threats
Businesses Perceive Cyber Threats as More Dangerous Than Ever Before, According to Recent Surveys - Businesses Perceive Cyberattacks as a Major Risk
German firms are grappling with mounting concerns about digital attacks, a palpable shift from two years ago when anxiety levels were similarly high but less amplified. Notably, sectors like technology, media, telecommunications, energy and metallurgy, pharma and health, and construction and real estate are feeling the heat.
The survey reveals that large companies perceive the danger more keenly than their smaller counterparts. IT executives in corporations with annual revenues over 50 million euros express worry in 74% of cases, compared to 59% in corporations with ten million or less in annual turnover. A whopping 71% of all participants concur that the risk of cyberattacks has surged over the past two years.
Regions of potential origin for these attacks, according to the survey, mostly point towards Russia (76%) and China (62%). Compared to the previous survey in 2023, there has been a slight increase in these figures, with Russia and China posing a growing concern for businesses.
Business leaders pin their hopes on Artificial Intelligence (AI) for data security, with nearly half of respondents viewing AI as a high or very high potential asset for safeguarding their businesses digitally. AI-based solutions are already being utilized by 30% of companies to detect cyberattacks. However, a concerning 34% of respondents also foresee a high risk that these AI-based security systems could be compromised by cybercriminals.
The study surveyed business leaders and IT security and data protection executives from over 500 German companies and is conducted every two years.
Cyber Threats in the Pharma Sector
The pharma sector, though not explicitly mentioned in the survey, is a common target for cyber threats due to the sensitive nature of the data and the critical importance of its operations. Pharmaceutical companies are increasingly confronted with cyber threats such as ransomware, data breaches, and espionage activities, often involving state-sponsored actors from countries like China and Russia, thereby increasing the perceived risk in this sector.
Regions of Concern: China and Russia
Cyberattacks linked to Russia continue to pose a significant threat, as evidenced by Russian cybercriminal networks like DanaBot, which have inflicted widespread damage, including in Germany. State-sponsored cyber operations attributed to Russia, such as the NotPetya ransomware attack in 2017, have demonstrated the potential for massive disruptions in critical infrastructure and businesses, solidifying Russia as a formidable cyber threat for Germany.
While specific Chinese cyberattacks on German businesses have not been directly attributed in the survey, China is recognized in cybersecurity circles as a source of advanced persistent threat (APT) groups that engage in espionage and intellectual property theft, especially in the pharma and high-tech sectors.
Thus, the perceived threat of cyberattacks in Germany, particularly in the pharma sector, has witnessed a significant surge over the last two years, in part driven by the persistent and evolving threats from regions like Russia and China.
- In light of the increased cyber threats, German pharmaceutical companies are implementing stringent community policies to safeguard sensitive data, recognizing the need for enhanced employment policies to address the unique challenges in their sector.
- To counteract the growing cyber threats from regions like China and Russia, the finance sector is aggressively investing in cybersecurity technologies, prioritizing the implementation of advanced security systems and AI-based solutions for effective threat detection and response.
