Cyber Attacks on the Rise: Over 50% of German Companies Fall Victim, Reveals Hiscox Survey

A recent multinational survey conducted by British insurer Hiscox has shed light on the global battle against cybercrime, revealing that security authorities worldwide are grappling with an escalating threat. In this comprehensive study, German companies emerged as particularly attractive targets for cyber attackers.

The annual “Cyber Readiness Report,” which involved polling 5,005 executives, IT managers, and professionals across eight countries – Belgium, France, Germany, the Netherlands, Spain, the UK, Ireland, and the United States, has raised serious concerns. The report’s findings indicate that a staggering 53% of the surveyed companies admitted to experiencing cyber attacks.

What’s even more alarming is the apparent shift in cybercriminals’ preferences, as they increasingly target small and medium-sized businesses. Across all eight countries, 36% of the afflicted companies were relatively small, with fewer than ten employees – a notable 50% increase from the previous year.

However, the spotlight remains firmly on Germany, where cyber attacks have become distressingly commonplace. Among the 963 German companies that participated in the survey, more than half reported falling victim to cyber attacks in 2022.

A shocking 58% of German companies confessed to being targeted by hackers, marking a 12-percentage point surge from the previous year. Only Ireland surpassed Germany in terms of reported hacker attacks.

Hiscox’s analysis further estimated that the average financial loss due to successful cyber attacks amounted to $16,000, slightly lower than figures from previous years. In Germany, a recurring modus operandi for cybercriminals is compromising business emails, commonly known as “fake president fraud.” Hackers exploit stolen email addresses to impersonate high-ranking executives and reroute payments into their own accounts.

The consequences are dire, with 43% of German companies suffering financial losses as payments are illicitly diverted to hacker-controlled accounts.

This eye-opening study, commissioned by Hiscox and conducted by experts from the U.S. consulting firm Forrester Consulting, underscores the pressing need for robust cybersecurity measures across all sectors. As cyber threats continue to evolve, businesses of all sizes must remain vigilant to safeguard their digital assets and financial stability.