Germany would increase cybersecurity spending by 6.2 billion

The cybersecurity market is growing rapidly in Germany amid fears of extortion programs and data leaks, the digital association Bitkom reported today.

For this year, an expenditure of 6,200 million euros (7,160 million dollars) is expected in hardware, software and services in this area. This means that the threshold of € 6 billion will be exceeded for the first time. The figure is 9.7 % higher than the previous record year of 2020 (5.6 billion euros in sales), according to calculations carried out by market research company IDC for Bitkom.

“Cyberattacks have become an existential threat to the economy,” said Susanne Dehmel, a member of the Bitkom Executive Board. For companies and administrations, a high level of IT security is essential for survival and must be an integral part of good management, she added. “The coronavirus crisis has shown how vulnerable many companies are. Spending on cybersecurity will continue to increase in the future.”

Increasing turnover

Half of the funds for increased IT security will go to services. Spending is expected to amount to € 3.1 billion in 2021, an increase of 9.8 %. German companies will invest around 2.3 billion euros in computer security software this year, 11.4 % more than in the previous year. Another 815 million euros will be spent on special devices and hardware (4.9 % more).

For next year, Bitkom forecasts a turnover increase of almost ten percent, to 6.8 billion euros. Growth rates of this magnitude will continue in the coming years. For 2025, the association foresees a turnover of the sector of about 8,900 million euros.

Bitkom called for computer security to be established as a political axis in the new legislature. “The safety of our technologies decisively determines the resilience to crises, the success and the sovereignty of the German economy,” said Dehmel.

Source: dpa