Germany is responding to the growing threat of cyberattacks with a record investment in cybersecurity: for the first time, more than 10 billion euros are being invested in protection against digital risks. According to the digital association Bitkom, spending will increase by 13.8% this year to a total of 11.2 billion euros, which means that the German IT security market is growing particularly dynamically in an international comparison.
Cybersecurity market growing worldwide
The global market is growing by 12.1% to 222.6 billion euros. This was announced by the digital association Bitkom on the occasion of the IT security trade fair it-sa Expo&Congress in Nuremberg on the basis of data from the market research institute IDC. Companies invested more than 10 billion euros in Germany alone.
"A successful cyberattack can threaten a company's existence, which is why every organisation should protect itself and ramp up its IT security. But public administrations and authorities also need to constantly scrutinise and readjust their IT security," says Bitkom CEO Udo Littke. "Every euro invested in IT security pays off. According to the Bitkom economic protection study, German companies recently suffered annual losses of 267 billion euros due to sabotage, espionage and data theft, of which around 179 billion euros were caused by cyberattacks alone."
Cybersecurity software is most in demand
According to IDC, spending on security software is increasing the most this year. It will rise by 17.3% to 5.8 billion euros. This is closely followed by expenditure on IT security services, which increased by 11.4% to 4.4 billion euros. Expenditure on IT security hardware also increased, albeit not quite as strongly with growth of 5.2% to around 970 million euros.
"We need to create an ecosystem for cyber security in Germany that combines the outstanding offerings of global providers with IT security solutions made in Germany," says Littke. Further information is available at www.bitkom.org.
