Germany in need of tougher laws against cyber crime

Germany's president of the Federal Criminal Police Office, Holger Müench, has called for reformed and modernized criminal law provisions and stricter penalties in combating cybercrime. Müench stated in an interview that German laws are in need of adjustment in order to combat the considerable harm that cybercrime causes. Current laws make it difficult to prosecute operators of botnet networks that enable large-scale automated cyber-attacks. Müench's comments follow a German court's recent decision to hand a suspended sentence to a for-hire British hacker who confessed to a cyber attack which led to wide scale disruption. The Federal Criminal Police Office reported 83,000 cases of cybercrime in the last year which caused damage of over €51 million with little success in finding or prosecuting the perpetrators. Recent figures also state that more than half of German based companies have reported spying, sabotage or stolen data in the last month.

Germany supports Peru in implementing OECD anti-corruption recommendations

Peru’s High-Level Anti-Corruption Commission ("CAN") has begun coordinating with the German Agency for International Cooperation ("GIZ") to develop a project supporting the implementation of recommendations made by the Organisation for Economic Co-operation and Development ("OECD"). The GIZ initiative includes economic cooperation to finance actions to tackle corruption, as recommended by the OECD's Integrity Review of Peru. The collaboration between the two organisations covers an updated action plan, a monitoring system to record anti-corruption activities in public institutions, as well as training on ethics in the public sector.

Deutsche Boerse management investigated for insider trading

Members of Deutsche Boerse's management board will be questioned in an investigation into its chief executive officer Carsten Kengeter. German authorities launched a criminal probe into Kengeter in February over suspicions of insider trading. Kengeter has been accused of making illicit share purchases before work began on a takeover deal. The German state of Hesse has announced it would wait for the decision of public prosecutors before taking any additional steps. The renewal of Kengeter's contract, which is due to expire in March 2018, has been suspended pending the outcome of the charges filed against him.

Manufacturers revealed as top victims of cyber attacks

A German cyber security firm has reported that manufacturers have become the top target of cyber criminals. The NTT Security Global Threat Intelligence Center ("GTIC") Quarterly Threat Intelligence Report for the second quarter of 2017 notes that, out of all incidents, 34% were against manufacturers, the highest of any industry segment. The full report can be read here.