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For every 60 seconds, $1.1 million dollars is lost to cyber attacks

RiskIQ has compiled proprietary and third-party research to analyze data regarding malicious activities. The firm has come up with the numbers showing that $1.1 million is lost to cybercrime for every minute of a day. Not only that, around 5518 records which are leaked from publicly disclosed incidents for every 60 seconds. The report which is rightly given the name “Evil Internet Minute” gives a picture of the money that is lost to cybercrime.

Cost of Cybercrime

Around the globe, companies spend a total of $171,000 every minute for defense purposes. While these numbers are huge, the average cost is a large business is affected $11.7 million which is for a year and around $222 for a minute. These numbers represent the global status. Apart from the loss of money, it is reported that for every minute around 1861 become victims of scams.

Considering businesses and organizations, every 60 seconds around 1.5 companies fall for the ransomware attacks which will cost the businesses an average of $15221. In comparison, the phishing attacks report states that only one happens for every five minutes. For every ten minutes, one attack happens from the new sites which run the CoinHive cryptocurrency mining script.

The recent security events show that the vulnerable third-party codes keep running on company sites. The companies found themselves unaware of codes that were present and running in their system.

Cyberattacks

The effect of cyber-attack is vast. There are the credit card spams where on an average of 0.07 incidents happen relating to the Magecart credit card skimmer for every 60 seconds.  Magecart is a threat group that hacks third-party javascript. In the matter of the Ticketmaster breach, the threat group used analytics code which helped them to get access to hundreds of e-commerce sites all at once. With the access, credit card skimming scripts were applied with the available credit card data.

When a user purchases online and enters the credit card details in the site, the code paved the way for the threat group to get access to the information. The users will not be aware that their credit card details are being sent. With the ongoing internet era, it is difficult to curb the cyber-attacks which happen in all forms. This has increased with the growth of the internet. The disturbing fact is that the users might not even be aware that a cyberattack is happening or that they are being hacked.

It is inferred from the report that domain and brand infringement, rogue apps and social impersonation that happen through these attacks will affect business and even in a material loss. Cybercrime attacks are on the rise. The attackers are aware of the fact that when they try to attack the assets that are exposed to the internet their success rates will be high. The attacks which include the hacking of unsecured servers, phishing attacks, supply chain breaches and spreading malware through advertisements seemed to be profitable for attackers.

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