Almost half of German companies reported suffering from Chinese cyberattacks or industrial espionage, highlighting the serious impact of cyber threats on the nation's economy.
In the last 12 months alone, cybercrime and industrial espionage have cost the German economy up to 267 billion euros and prompted businesses to increase their IT security budgets.
According to Bitkom President Ralf Wintergerst, the interconnectedness of German and Chinese businesses makes reversing the current trend of cyberattacks a complex challenge.
While companies are increasing their digital security budget to 17% of IT allocations, only a third have emergency plans in place to address potential cyber incidents.
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