A wave of attacks by Chinese hackers on Germany’s cutting-edge manufacturers is raising alarm in Berlin and prompting the government to step in to defend the country’s competitive edge, The Wall Street Journal reports. The small and midsize companies that make Germany an export powerhouse have landed in the crosshairs of foreign hackers attracted to the firms’ valuable but often poorly protected intellectual property, German intelligence officials warn. Some 65% of German manufacturing and technology firms were hit by cyberattacks in 2016, compared with 62% in the US and 50% in the UK, according to insurer Hiscox Ltd. Germany’s BfV domestic intelligence agency estimates German firms lost $65.3 billion to espionage, sabotage and data theft last year. Spooked by the losses, the German government is now moving to shield companies from state-backed hackers and criminal gangs, offering to pay to harden the defenses of Germany’s most vulnerable firms. Industry groups are also reaching out to members about the threat.
You must log in to post a comment.
Yes, I would like to receive emails from China Economic Review. (You can unsubscribe anytime)
Copyright © 2018 SinoMedia Group Limited All rights reserved