Threefold rise in Cyber Attacks are being witnessed by German Companies

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London based Audit and Consulting company Ernst & Young (EY) which conducted a survey on 450 German companies early this year have concluded that businesses operating in the European nation have witnessed a 3 times increase in cyber attacks. However, Bodo Meseke, who a security expert at EY says that most of the companies are unaware of this fact and so are showing negligence in improving the defenses related to their cybersecurity.

The study found that 67% of managers at big enterprises(means those having a turnover of more than 1 billion Euros) have witnessed an increase in cyber attacks on their digital assets since 2015. And they are willing to come out into open and accuse nations like Russia, China, and the United States of launching such attacks.

In a separate study conducted by Allensbach Polling Institute and commissioned by Deloitte, 27 percent of executives in medium and large companies have witnessed that their businesses were exposed to IT attacks a daily note.

Note 1- The attack scale was just 12% four years ago when compared to the today’s world

Early this year, the German Federal Cyber Agency BSI released a security report in which it declared that most of the German companies are not well prepared for espionage, sabotage, or data theft.

The German Watchdog added that only 53% of companies serving energy and financial sectors were having an action plan ready in the event their security systems were compromised. The remaining percent weren’t sure what to do when a situation arises.

NOTE 2- Remember, lack of preparedness comes despite growing evidence of cyber threats to companies.

Bitkom, the digital association of Germany emphasized that digital attacks are a real threat to companies. And if the firms fail to have an emergency plan in place, then they are simply endangering the security of their own company, employees, partners, and customers.

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