"Cybercrime Costs Organizations Nearly $1.79 Million Per Minute"

Researchers at RiskIQs discovered that cybercrime costs organizations an incredible $1.79m every minute. Their study, which analyzed the volume of malicious activity on the internet, laid bare the scale and damage of cyberattacks in the past year, finding that 648 cyberthreats occurred every minute. The researchers calculated that the average cost of a breach is $7.2 per minute, while the overall predicted cybersecurity spend is $280,060 every minute. E-commerce has been heavily hit by online payment fraud in the past year. While the e-commerce industry saw a record $861.1bn in sales, it lost $38,052 to online payment fraud every minute. The researcher also found that the healthcare industry lost $13 per minute on digital security breaches in the past year. The new study also looked at the impact of different forms of cybercrime. It showed that per minute there was $3615 lost to cryptocurrency scams, 525,600 records compromised, and six organizations victimized by ransomware. The researchers stated that the scale of cyberattacks last year was further underlined by the fact that one Magecart host was detected every 31 minutes, one vulnerable Microsoft Exchange server was patched every 1.7 minutes, and one malicious mobile app was blocklisted every five minutes.

Infosecurity reports: "Cybercrime Costs Organizations Nearly $1.79 Million Per Minute"