Germany may need to pay 206 billion euros for cybercrime costs in 2023

Germany’s cybercrime cost is expected to exceed the 200 billion euro mark in 2023. This will be the third consecutive year for the company to bear such huge cybercrime-related costs. This includes theft of IT equipment or data, as well as digital/industrial espionage and sabotage. According to a survey conducted by the German digital association Bitkom involving more than 1,000 companies, Germany may need to pay 206 billion euros ($224 billion) in 2023 for cybercrime-related costs.

In a statement (spotted by Reuters), Bitkom President Ralf Wintergerst said: “The German economy is a highly attractive target for criminals and hostile states. The boundaries between organised crime and state-controlled actors are blurred.”