Skip to main content

Over $1m a minute is being lost to cybercrime

(Image credit: Image Credit: Maksim Kabakou / Shutterstock)

Hackers and online scammers steal more than a million dollars every minute, new research from RiskIQ shows. The company calls it the “Evil Internet Minute” – every minute, 1,861 people get scammed or outright robbed out of $1,138,888.

Businesses invest $171,233 every minute on cybersecurity, but it doesn’t seem to be enough. Hackers still manage to launch successful campaigns.

“As the internet and its community continue to grow at a rapid pace, the threat landscape targeting it grows at scale as well," said RiskIQ CEO Elias Manousos. "We made the vast numbers associated with it more accessible by framing them in the context of an ‘internet minute’. Leveraging the latest research as well as our own global threat intelligence, we're defining the sheer scale of attacks that take place across the internet to help businesses better understand what they’re up against on the open web.”

Tactics and strategies are what have grown to expect from hackers: phishing, spear phishing, malware, and much more. If they’re not doing it to get some money, then they’re going for reputational damage, politics and espionage. Every minute, 1,274 pieces of unique malware is distributed, and more than nine malvertisements are deployed each evil internet minute.

“As companies innovate online to make more meaningful touchpoints with their customers, partners, and employees, attackers prey on their lack of visibility into their internet-facing attack surface to erode users’ trust and access credentials and sensitive data,” Manousos said. “Businesses must realise that they are vulnerable beyond the firewall, all the way across the open internet."

An infographic on the report’s results can be found on this link.

Image Credit: Maksim Kabakou / Shutterstock

Sead Fadilpašić is a freelance tech writer and journalist with more than 17 years experience writing technology-focussed news, blogs, whitepapers, reviews, and ebooks. And his work has featured in online media outlets from all over the world, including Al Jazeera Balkans (where he was a Multimedia Journalist), Crypto News, TechRadar Pro, and IT Pro Portal, where he has written news and features for over five years. Sead's experience also includes writing for inbound marketing, where he creates technology-based content for clients from London to Singapore. Sead is a HubSpot-certified content creator.