Int´l survey reveals over 70% of firms fear cyber attack

The vast majority of companies in Germany and many other countries fear a cyber attack, according to a company survey conducted by reinsurer Munich Re, reported dpa.

The survey gathered data from businesses in 15 countries. 72% of the participating managing directors and board members responded that they are worried or very worried about possible cyber attacks, the Munich-based DAX-listed company announced on Friday.

More than half admitted that their respective company had already been attacked by cyber criminals in the past. Data theft came first, followed by online fraud and blackmail using encryption software.

In December, Munich Re had a total of 7,500 managers and employees surveyed by the statistics company Statista; almost 40% of the participants were "C-level" managers in the upper echelons of their respective companies.

However, not all managers in all countries were equally concerned: in Sweden, the figure was only 35%, compared to 90% in Spain. In Germany, the figure was just under 2% at 65%, roughly comparable to the US, UK or Japan.

An even larger majority of 87% believe that their own company is inadequately protected against cyber attacks, and in this respect the differences from country to country were less pronounced: In Germany and China at the top of the table, 95% of survey respondents affirmed this, while in Italy at the lower end it was still 80%.

Munich Re has a vested interest in the topic, as the Group offers insurance against cyberattacks and expects the global premium income of the insurance industry in the cyber sector to double in the coming years: from $14 billion in 2023 to $29 billion in 2029.

However, the authors also mention in the report that a number of companies have not taken out cyber insurance due to high costs or other reasons.