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Cybercrime costing businesses millions every minute

(Image credit: Image source: Shutterstock/GlebStock)

Global cybercrime cost the global economy $1.5 billion last year, new research has claimed.

According to RiskIQ’s latest annual “Evil Internet Minute” report, this is equivalent to around $2.87 million lost every minute last year across the world, with individual organisations paying out roughly $25 every minute due to security breaches. 

Other malicious activity includes hacks on cryptocurrency exchanges ($1,900 per minute), phishing attacks ($17,700 per minute), ransomware ($22,200 per minute).

Hackers often steal personally identifiable information (PII), and businesses spend more than $10,000 a minute to compensate on such breaches

"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."

Hackers employ various tactics, the report says, which range from malvertising to phishing, to attacks against the supply chain in e-commerce businesses. Magecart attacks have gone up 20 per cent year-on-year. As usual, hackers are motivated by money, the idea that they can ruin someone’s reputation or political agenda.

“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 said. 

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