Cyber security is a term to describe the security of computers and other electronic devices. Cybercrime is a relatively new type of crime, but one that is becoming increasingly popular as society becomes increasingly dependent on electronics. The COVID-19 pandemic forced millions of people to work from home, meaning that more and more systems were being put online and organizations had to implement new security measures to protect their data. If companies do not sufficiently protect their systems, then they could incur severe
.
Types of cyberattacks
As more and more information is stored online, hackers have found different types of cyberattacks to either cause disruption or, in more malicious cases, extort money from companies. The most common type of
attacks on IT systems in Germany were phishing attacks. These most commonly come in the form of emails which attempt to persuade people to share sensitive information. This information is then used by the hacker for malicious purposes or sold. Malware, another popular type of cyberattack, is used to infect computers and can cause several things to happen, such as access to files being blocked, the device becoming inoperable, or even the desktop being inundated with ads.
Data theft is another common attack that hackers launch, most commonly on companies or institutions. In 2023, the most common types of data stolen were communications (emails and messages) or customer data. Often with these types of attacks the data is encrypted, and a ransom is demanded before the data is returned. In some cases, such as when hospitals experience the theft and encryption of patient data, the consequences can be fatal.
Improving cyber safety
Since it is clear that technology is the future, investing in better cyber security is necessary in order to protect users and their data. The
cost of each cyberattack in Germany is around 16,000 euros, and although this is less than in previous years, it is still a significant amount of money for companies to have to spend. One way to protect against cyberattacks is by taking out cyber insurance, which will cover expenses incurred if a company suffers any kind of online hack or attack. In 2023, almost half of companies in Germany were putting around
10 to 20 percent of their IT budget towards IT security. Although the uptake on financial protection seems to be slow, there is a consensus, especially in Germany, that
cyber security needs to be improved. Almost 100 percent of respondents to a survey on the topic decided that policymakers should actively promote EU-wide cooperation in the field of security and that harsher action should be taken against cyberattacks from abroad.
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