Every minute, $2.9 million is lost to cybercrime

Cybercriminals cost the global economy $2.9 million every minute last year, a total of $1.5 trillion, according to RiskIQ.

Top companies pay $25 per minute due to security breaches. Additional malicious activity includes:

• $1,930: the cost of hacks on cryptocurrency exchanges every minute
• $17,700: lost from phishing attacks per minute
• $22,184: the projected by-the-minute cost of global ransomware events in 2019
• 8,100: identifier records compromised every minute
• 7: malicious redirectors detected each minute
• 2.4: phish traversing the internet per minute
• 0.32: blacklisted apps by-the-minute
• 0.21: Magecart attacks detected every minute

Tactics range from malvertising to phishing to supply chain attacks that target e-commerce, like the Magecart hacks that have increased by 20% in the last year. The motives of cybercriminals include monetary gain, large-scale reputational damage, political motivations, and espionage.

“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,” said Lou Manousos, CEO of RiskIQ.

“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.”