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$2.9 million is lost to Cybercrime, Every minute | Cyberops

$2.9 million is lost to Cybercrime, Every minute

By Mohammed Tahir 0 Comment July 31, 2019

In the annual “Evil Internet Minute” report by Risk IQ, Cybercriminals cost the global economy $2.9 million every minute last year, a total of $1.5 trillion.

The report analyzed the bulk 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 cyber attacks 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.

“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 describing the sheer scale of attacks that take place over 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.”

Cyber-criminals have also increased their targets on e-commerce with Magecart hacks, which grew by 20% over the last year. The study found 0.21 Magecart attacks were detected every minute. The data also revealed that in each internet minute 8,100 identifier records are compromised, seven malicious redirectors occur and 0.32 apps are blacklisted. In addition, the research found 2.4 phishes traversing the internet per minute.

Most of the top companies are paying $25 per minute due to security breaches. The 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: In 2019 the projected by-the-minute cost of global ransomware events 

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

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