“German companies are not well enough protected”

Cyber-attacks alone cost the German economy an enormous 148 billion euros every year. Companies are responding to the digital threats and, according to the digital association Bitkom, Germany is investing more than ever in IT security. In 2024, for the first time, spending could exceed the ten billion euro mark.

Ralf Wintergerst, Chairman of the Management Board of the technology company Giesecke+Devrient (G+D) and President of the digital association Bitkom, sees cyber-attacks as the greatest threat to the economy, society and the country at present. In this interview, he explains which areas are particularly at risk and how security in the digital space can be increased.

In principle, all companies and public institutions are at risk of being attacked – and they are, every day. A successful cyber attack not only paralyses computers, it can also result in a production standstill. In the meantime, more than half of German companies see their existence threatened by this. It becomes particularly serious if an attack hits critical infrastructure, for example, if the energy supply collapses or hospitals and transport hubs are shut down.

It becomes par­ti­cu­lar­ly serious if an attack hits cri­ti­cal in­fra­struc­ture …Dr. Ralf Wintergerst

We need close cooperation between law enforcement authorities in the states and at the federal level, our intelligence services and the German military. Cyber attackers are not guided by our federal structures, and in cyber space boundaries between internal and external security no longer exist. We must find an adequate response to this new situation and that means ensuring close cooperation between all the agencies involved, at national, European and international level.

As a general rule, cyber security must become a top priority in companies and public administration.Dr. Ralf Wintergerst

Unfortunately, not well enough. As a general rule, cyber security must become a top priority in companies and public administration. Sufficient funds must be made available for IT security. We recommend spending at least 20 percent of your IT budget on security. But it's not just about technology, it's also about people. In particular, employees must also be trained to recognise attacks at an early stage and act accordingly.

We recommend spending at least 20 percent of your IT budget on securityDr. Ralf Wintergerst

Companies should be aware that they need to protect the different parts of their business differently. When it comes to the things that need most protection, you have to think about how secure encryption will still be in five years, for example. On the other hand, it’s not just attackers that can use new technologies. Take artificial intelligence, for example; it can be misused for cyber attacks, but it can also serve well in detecting and defending against attacks. At G+D, we’re always watching out for these kind of new opportunities.

This interview was conducted by Georg Berger 07/2024