Study Finds Cyber ​​Attacks Incur Serious Damage in Over a Quarter of Companies

Cyber ​​risks pose enormous challenges to more and more companies. According to a recent study by the management consultancy Horváth, more than a quarter of the companies have suffered at least one cyber attack with serious effects or damage in the past twelve months.

In the study, 28% of more than 430 board members and executives surveyed indicated that their company had been successfully attacked by hackers at least once in the recent past. This rate is significantly higher among insurance companies: 56% of the top executives surveyed report attacks with serious damage.

“The financial industry is considered to be the most likely and most ransom-paying industry, which is not surprising as it thrives on customer trust,” says Dr. Stephanie Nöth-Zahn, partner, Ciso and cyber security expert at Horváth. According to the study, retail companies are the second most frequently attacked (33%).

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The automotive, banking, medical technology, mechanical engineering and electrical engineering sectors follow with around 30% each. The telecommunications industry (15%) has had comparatively few successful attacks.

A lot of attention for cyber security in the manufacturing industry

The high levels of cybercrime continue to draw attention and work in the boardrooms of large corporations. In manufacturing, cyber security even ranks first among top management priorities. Across sectors, 59% attach great importance to the topic, and a further 31% a great deal. Only personnel issues are just ahead (58% very important, 34% important).

Competence protects against attacks

Horváth expert Nöth-Zahn: “Many companies still invest according to the watering can principle. Weak points must first be identified through risk analyzes and given the right priority. For example, a Cyber ​​Security Maturity Assessment (CSMA), which systematically analyzes risks and identifies potential for an effective defense program, can provide clarity about open flanks and fields of action. This is how investments and measures are targeted.” (bec)

About the study:
This analysis of the extent of cyber crime in an industry comparison was carried out by the management consultancy Horváth as part of the annual study “CxO Priorities”. For this purpose, in-depth personal interviews were conducted with more than 430 top managers from 19 countries in spring 2023, with a focus on Europe and the German-speaking area. The majority of those surveyed come from companies with at least 1 billion euros in annual sales and 1,000 employees.