German manufacturers lose $50B to cyber attacks, SMBs at greatest risk

Two-thirds of German manufacturers have faced cyberattacks, racking up $50 billion in costs, according to a Bitkom survey released on Thursday. Acting as Europe’s largest economy, Germany has recently been a hot bed for cyber criminals.

Bitkom surveyed 503 managers and security chiefs from Germany’s entire manufacturing sector, determining SMBs—the economy’s main backbone—to be the most vulnerable to attacks, Reuters reported in a Thursday press release.

As one of the top exporters worldwide, Germany has been a long-time focus for hackers in competing economies. In fact, German security officials have been trying to shed light on cyberattack threats for a long time, said the release, warning government administrators about foreign spy agencies that may look to steal Germany’s manufacturing strategies.

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Source: TechRepublic