A recent international survey conducted by the British insurer Hiscox has highlighted the global challenges security authorities face in combating cybercrime.
Based on Hiscox’s comparison with selected countries, it was revealed that German businesses were frequently targeted by hackers. The annual comparison report, covering eight countries, disclosed that 53 percent of surveyed companies reported experiencing cyberattacks.
The Cyber Readiness Report was compiled from a survey of 5,005 executives, IT managers, and professionals across Belgium, France, Germany, the Netherlands, Spain, the UK, Ireland, and the United States. Hiscox pointed out that cybercriminals were increasingly targeting small and medium-sized businesses. In all eight countries surveyed, 36 percent of affected companies had fewer than ten employees, marking a 50 percent increase compared to 2021.
Notably, among the 963 German companies that participated in the survey, over half reported cyberattacks in 2022. The study revealed that 58 percent of German companies had fallen victim to hackers, a 12 percentage point increase compared to the previous year. Only Ireland reported a higher incidence of hacker attacks than German companies.
Hiscox estimated that the average financial loss resulting from a successful cyber attack amounted to $16,000, slightly lower than in previous years. In Germany, the most common type of successful cyber attack involved compromised business emails, a tactic known as “fake president fraud.” Hackers would use stolen email addresses to impersonate executives and redirect payments to their own accounts. In Germany, 43 percent of companies reported financial losses due to payments being diverted to hacker-controlled accounts.
This analysis was commissioned by Hiscox and conducted by experts from the U.S. consulting firm Forrester Consulting.