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  HOME | Science, Nature & Technology

Bundesbank: Worldwide Cyberattacks Cost 400 Billion Euros Annually

FRANKFURT, Germany – Cyberattacks have annually cost the German economy an average of 50 billion euros ($55 billion) and globally some 400 billion euros, according to figures released Thursday by Bundesbank president.

During a conference on payment transactions held in Frankfurt, Jens Weidmann warned that the risk of cyberattacks could also affect European Central Bank’s infrastructures and software applications.

“The question is no longer if a financial infrastructure or institution will be subject to an attack but rather when and how often,” the Bundesbank president said.

Weidmann explained that in 2016 the Bundesbank suffered cyberattacks in its IT network, including the Locky trojan virus that infected Germany around Feb. 2016 by relying on compromised e-mails to expand its viral footprint at a rate of 5,000 infections per hour.

The Bundesbank has been able to successfully protect itself from such attacks.

Weidmann considered it was important that the financial sector optimized its cyber defenses and encouraged a cyber security corporate culture.

 

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