Every minute, $2.9 million is lost to cybercrime

In the annual “Evil Internet Minute” report by RiskIQ, cybercriminals cost the global economy a total of $1.5 trillion last year.

The report analysed the volume of malicious activity on the internet from proprietary global intelligence and third-party research, and found that as a result of security breaches, top companies pay $25 per minute. 

The Evil Minute Report identified that the most common cyberattacks include malvertising, supply chain attacks targeting e-commerce and phishing. The loss from phishing attacks alone costs $17,000 per minute, and the projected by-the-minute cost of global ransomware events in 2019 is $22,184. 

Additionally the report found the cost of hacks on cryptocurrency exchanges per minute to be $1,930. 

“As the scale of the internet continues to proliferate, so does the threat landscape,” said Lou Manousos, CEO of RiskIQ. 

“By compiling the vast numbers associated with cybercrime in the past year, we made the research more accessible by framing it in the context of an ‘internet minute.’ We are entering our third year defining the sheer scale of attacks that take place across the internet using the latest third-party research and our own global threat intelligence so that businesses can better understand what they’re up against on the open web.”

The report noted an increase of 20% of Magecart hacks since last year, with 0.21 Mageccart attacks being detected every minute. It was also revealed that 2.4 phishing sites stood up per minute, and 8,100 identifier records compromised every minute. 

“Without greater awareness and an increased effort to implement necessary security controls, there will be more attacks using an ever-expanding range of technologies and strategies,” Manousos added. 

 “With the recent explosion of web and browser-based threats, organizations should look to what can happen in a matter of minutes and evaluate their current security strategy. Businesses must realize that they are vulnerable beyond the firewall, all the way across the open internet.”

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