General Article

The World Lost $2.9 million to Cybercrime Every 60 Seconds Last year

A shocking report by RiskIQ, a cybersecurity company found that the world economy lost $2.9 million per minute to cyber criminals in 2018.

This totaled to $1.5 trillion over the twelve months.

The same analysis also discovered that attacks cost established firms $25/minute last year, and breaches on cryptocurrency transactions cost firms $1,930/minute in the same span.

RiskIQ conducts yearly analysis of cybercrime data to give merchants a picture of the overall risk levels of cybercrime in the open internet. It specifies how much businesses loose to fraudsters per minute to give a better view of the situation. 

According to the report, cybercriminals used different attack methods last year. Some of them include;

  • Malvertising
  • Phishing 
  • Supply-chain breaches

More findings showed that phishing attacks led to losses worth $17,700/minute in 2018.

Business Should Narrow Down Their Analysis To What Could Happen In Minutes

 As the online market grows, cybercriminals are finding more ways to attack. RiskIQ gathered data linked to online fraud last year and analyzed the findings. The goal of the study was to reveal the impact of fraud on the internet per minute.”

This is the third version of the annual analysis on the level of cyber attacks all over the internet. RiskIQ’s analysis depends on investigations from its international cyber threat intelligence crew and data from other credible researchers to help companies understand the challenge they face in the internet.

Businesses need a wider scope of the risk of cyber attacks if they are going to deal with the problem. They must be cautious of the possibility of more breaches with more sophisticated tech and tactics and be ready to implement necessary security measures.

Today’s criminals are constantly looking for loopholes. And with the growing popularity of website and browser attacks, firms must now narrow down their analysis to the danger they face in minutes. 

Companies must now be aware of the dangers they face in the open internet past the firewall and rework their existing security approach.

Final Words

RiskIQ’s study may help business discover the seriousness behind cybersecurity and take the necessary steps to protect themselves. 

Author Bio: Electronic payments expert Blair Thomas is the co-founder of high risk payment processing company eMerchantBroker. He’s just as passionate about assisting businesses get chargeback insurance as he is with traveling and spending time with his dog Cooper.