Home / / Cybercrime costs $1.13m every minute

Cybercrime costs $1.13m every minute

RiskIQ's Evil Internet Minute shows $1.13m is lost to cybercrime every minute

RiskIQ has calculated what one minute of cybercrime looks like - and costs.
RiskIQ has calculated what one minute of cybercrime looks like - and costs.

Cybercrime costs $1.13m every minute, according to figures from RiskIQ.

The cyberthreat intelligence company has released its latest ‘Evil Internet Minute' roundup of the statistics and costs of various security threats and incidents, based on data taken from expert sources.

According to the 2018 figures, $1,138,888 is lost to cybercrime every minute, with 1,861 people falling victims to cybercrime each minute.

Ransomware claims 1.5 organisations and $15,221 every minute, while there are 22.9 phishing email attacks and 1,274 new malware variants detected in the same time period. Attacks result in 5,518 records being leaked per minute

Despite the volume lost to cybercrime, only $171,000 is spent per minute by businesses on information security.

RiskIQ CEO Elias Manousos commented: "As the internet and its community continue to grow at a rapid pace, the threat landscape targeting it grows at scale as well. 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.

"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 realize that they are vulnerable beyond the firewall, all the way across the open internet."

CHANNEL AWARD 2018