it-sa 2024
More than 10 billion euros for cyber security for the first time
Hardly a day goes by without a company or public administration in Germany falling victim to a cyberattack. Against this backdrop, potential victims are stepping up their preparations.
German companies and authorities are increasingly investing in IT security to counter the growing threat of cyber attacks. In the current year, expenditure will grow by 13.8% to 11.2 billion euros, exceeding the 10 billion euro mark for the first time.
The German IT security market is therefore growing faster than the global market, which is up 12.1% to 222.6 billion euros. This data was published by the digital association Bitkom based on information from the market research institute IDC at the IT security trade fair it-sa Expo&Congress in Nuremberg.
Annual damage of 267 billion euros
Bitkom CEO Udo Littke said it was necessary to invest in IT security: "A successful cyberattack can threaten a company's existence, so every company should protect itself and ramp up its IT security." Public administrations and authorities should also do this.
According to the Bitkom economic protection study, sabotage, espionage and data theft recently caused German companies an annual loss of 267 billion euros, of which around 179 billion euros was caused by cyberattacks.
According to figures from market researchers at IDC, spending on security software will increase the most this year, namely by 17.3% to EUR 5.8 billion. Expenditure on IT security services will increase by 11.4% to 4.4 billion euros. Expenditure on IT security hardware will grow by 5.2% to around 970 million euros.
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