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Cyber attacks cost German industry almost $50 billion: study

September 13, 2018

Via: Reuters
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BERLIN (Reuters) – Two thirds of Germany’s manufacturers have been hit by cyber-crime attacks, costing industry in Europe’s largest economy some 43 billion euros ($50 billion), according to a survey published by Germany’s IT sector association on Thursday.

Industry association Bitkom surveyed 503 top managers and security chiefs from across Germany’s manufacturing sector, and found the small and medium-sized companies that are the economy’s backbone were particularly vulnerable to attacks.

“With its worldwide market leaders, German industry is particularly interesting for criminals,” Bitkom head Achim Berg said in a statement, urging companies to take cyber-security more seriously and invest commensurately.

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