German Cybersecurity Spending Exceeds 10 Billion Euros
German spending on IT security has surpassed the 10 billion euro mark for the first time, according to Bitkom.
According to industry association Bitkom, announced at the it-sa trade fair, German cybersecurity spending is rising rapidly. Faced with an escalating threat landscape, companies are investing nearly 14% more in 2024. Total expenditure now stands at €11.2 billion – surpassing the €10 billion mark for the first time.
TL;DR
- German cybersecurity spending rises by 13.8% in 2024 to €11.2 billion.
- The €10 billion threshold is exceeded for the first time.
- Security software sees the strongest growth (+17.3% to €5.8 billion).
- IT security services grow by 11.4% to €4.4 billion.
- Annual damages from sabotage, espionage, and cyberattacks: €267 billion.
Amid growing threats to their systems, German companies are significantly increasing investments in IT security. According to Bitkom, cybersecurity spending in Germany will rise by 13.8% in 2024 to reach €11.2 billion – breaking the €10 billion barrier for the first time. This growth outpaces the global market, which is projected to see a 12.1% increase, reaching €222.6 billion in total revenue. Bitkom shared these figures at the opening of it-sa 2024 in Nuremberg, citing data from U.S. market research firm IDC.
Bitkom Executive Board member Udo Littke issued a strong warning against cutting back on IT security: “A successful cyberattack can threaten a company’s very existence. Every business must therefore protect itself and ramp up its IT security. Public administrations and government agencies also need to continuously review and adjust their cybersecurity measures.”
Economic Damages Amount to €267 Billion
“Every euro invested in IT security pays off,” Littke added. “According to Bitkom’s latest economic protection study, German companies recently suffered annual losses of €267 billion due to sabotage, espionage, and data theft – with cyberattacks alone accounting for roughly €179 billion of that total.”
IDC data shows that German spending on security software is growing especially strongly – up 17.3% to €5.8 billion. Close behind are expenditures on IT security services, which rose by 11.4% to €4.4 billion. Spending on IT security hardware also increased, though less sharply, rising by 5.2% to €970 million.
“We need to build a cybersecurity ecosystem in Germany that combines the excellent offerings of global vendors with homegrown IT security solutions,” Littke emphasized. He sees events like it-sa as valuable opportunities for companies to learn about cutting-edge solutions and emerging technologies – such as AI – in the fight against cyberattacks.
Frequently Asked Questions
By how much are German cybersecurity expenditures increasing in 2024?
German cybersecurity spending is rising by 13.8% in 2024, reaching €11.2 billion for the first time.
What are the annual economic damages caused by cyberattacks?
Cyberattacks alone cause approximately €179 billion in annual damages. Combined with losses from sabotage, espionage, and data theft, the total reaches €267 billion.
Which segment of IT security spending is growing the fastest?
Spending on security software is growing the fastest – at 17.3% – reaching €5.8 billion in 2024.
How are expenditures on IT security services developing?
Spending on IT security services is increasing by 11.4%, totaling €4.4 billion in 2024.
What role does it-sa 2024 play in the context of cybersecurity?
it-sa 2024 gives companies the chance to explore current solutions and technologies – like AI – for cyber defense. Bitkom views it as a key platform for strengthening Germany’s national cybersecurity ecosystem.
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