Cybersecurity Concerns Soar Among German Companies, Particularly the Pharmaceutical Sector
Cyber Attacks Perceived as Higher Threat Than Ever by Businesses in Latest Survey - Companies perceive cyberattacks as a significant danger
There's palpable unease in the corporate world, with concerns about cyberattacks hitting an all-time high. This surge in anxiety was reflected in a recent survey, especially among tech, media, telecom, energy, metallurgy, pharmaceuticals, and construction industries.
In the same survey conducted two years ago, concerns were a mere 68%. German corporations operating in the technology, media, and telecom, energy, metal processing, pharma and health, and construction and real estate sectors are the most vigilant. Large companies (with over 50 million euros in annual revenue) are especially wary, with 74% of them expressing their fears. Smaller businesses, however, with less than 10 million euros in revenue, are more relaxed, registering a concern level of 59%.
An overwhelming 71% of respondents believe that the risk of cyberattacks has intensified in the last two years.
When questioned about potential sources of cyber threats, 76% named Russia, and 62% pointed to China. This represents an increase of two and three percentage points respectively compared to the survey in 2023.
The survey respondents are optimistic about artificial intelligence (AI) in data security; almost half see a high potential for AI-based solutions to protect businesses digitally. Currently, 29% of companies employ AI-driven systems to detect and ward off cyberattacks. However, 34% fear that these very AI systems could be manipulated by cybercriminals.
This survey polled CEOs and IT security and data protection executives from more than 500 companies based in Germany. The study is conducted every two years.
- Cybersecurity Trends
- Pharmaceutical Industry
- Germany
- Survey
- AI
- Data Security
- Cyber Threats
- Russia
- China
Cybersecurity Insights:
- Ransomware Attacks: New ransomware groups like FunkSec and Lynx have arisen, using cutting-edge techniques such as AI-driven malware and evasion strategies [1]. Such threats may impact the pharmaceutical sector.
- Cyber Insurance: As cyberattacks rise, companies in Germany are increasingly reliant on cyber insurance for protection [2]. This is particularly pertinent for large corporations, which are more likely to be targeted.
- Data Protection and Intellectual Property: Given the sensitive nature of the data and intellectual property handled by pharmaceutical companies, they are prime targets for cyberespionage activities like those conducted by APT28 [3].
- Supply Chain Security: Pharmaceutical companies depend heavily on supply chains, which can be vulnerable to cyberattacks, especially if they involve third parties or remote access technologies.
- Regulatory Compliance: Ensuring compliance with evolving cybersecurity regulations and standards is crucial for pharmaceutical companies to avoid legal and reputational risks.
- Due to the sensitive nature of data and intellectual property in the pharmaceutical industry, companies in this sector should prioritize ongoing compliance with employment policies that address data protection and cybersecurity.
- In light of the increasing number of cyberattacks on German companies, especially in the tech, media, telecom, energy, metal processing, pharma and health, construction, and real estate sectors, it's advisable for enterprises, particularly those with over 50 million euros in annual revenue, to consider investing in comprehensive cybersecurity and employment policies, including the use of AI-driven solutions for data security and cyber threat detection.
