German companies have suffered substantial financial losses due to cybercrime and sabotage, totaling approximately €267 billion ($298 billion) over the past year. This represents a 29% increase compared to the previous year, according to a survey released on Wednesday by the industry association Bitkom. The survey, which involved 1,000 companies across various sectors, revealed that 90% of businesses anticipate a further rise in cyberattacks over the next 12 months, with the remaining 10% expecting the frequency of attacks to remain steady.

Organized crime and international threats: The report highlights that 70% of the targeted companies attributed these cyberattacks to organized crime, with 81% of them reporting incidents of data theft. This includes the theft of customer data, access credentials, and intellectual property, such as patents. Additionally, the survey found that 45% of companies identified at least one attack originating from China, marking an increase from 42% the previous year. Attacks from Russia followed closely, accounting for 39% of the cases.

In response to the escalating threat, German companies have increased their digital security budgets, now dedicating 17% of their IT spending to protective measures, up from 14% the previous year. However, despite these efforts, only 37% of companies reported having an emergency plan to address security incidents within their supply chains. Bitkom President Ralf Wintergerst emphasized the worsening threat landscape, urging companies to enhance their protective measures to safeguard against the growing cyber threats.