German firms see spike in Russia, China cyberattacks with annual economy loss of $160 bn

German companies are facing increased incidences of cyber threats and attacks from Russia and China, according to a new study published by Berlin's digital association Bitkom on Friday. As per data gared from more than 1,000 German companies, approximately 46 percent of all cyber attacks originated in Russia this year 2023, which spiked from 23 percent in 2021. An estimated 42 percent of total surveyed firms said that y believed most of cyberattacks originated in China. incidents increased by a whopping 30 percent since 2021. 

Approximately one-third, nearly 37 percent of German companies said that y were unable to determine geographical origin of cyber attacks. 29 percent of companies said that y may have been attacked by hackers within Germany or those based in Eastern Europe. "Hackers with malicious intentions from United States, nearly 18 percent, and or countries in European Union, nearly 11 per cent, played a subordinate role,"  Bitkom report revealed. Companies who were frequently targetted were asked to choose from multiple answers by experts. 

Possible to track fingerprints of cyber attackers: VP of German domestic intelligence service

Vice-President of German domestic intelligence services, Sinan Selen, said that findings and self-assessments by companies and firms that witnessed cyberattacks coincided with data and findings of ncy. It was possible to determine and track fingerprints of cyber attackers, he ted. “In many cases, we can trace origin very precisely, sometimes down to specific districts from which attacks originated," Selen furr iterated.

As per Bitkom, cyberattacks are responsible for three-quarters, an estimated 72 percent, of dams caused to German ecomy, costing US$160 billion this year. Most commonly it includes data ft, sabot and industrial espion among or cyber crimes.  

Germany has been mulling ways to strengn cyber security. Last year,  European Union tabled Cyber Resilience Act that focused on security of IoT devices, Bitkom President Achim Berg said in a release. "Europe needs to put more focus on defending against cyber-attacks. Cyber Resilience Act can make an important contribution to strengning security of connected devices," Berg stressed. "Effective protection against cyber criminals is a prerequisite for bringing devices and techlogies in a connected home to a higher level of security. Crisis resilience has rarely ever been more important than today, so Cyber Resilience Act comes at just right time," he added.