Internet security intelligence firm RiskIQ released its “Evil Internet Minute” report, which found that organizations lose $1.79m to cybercrime every minute, the company said in a blog post on its corporate website.
According to RiskIQ CEO Lou Manousos, putting a dollar value on the cost of fraud and crime on a per second basis is intended to make it easier for organizations to understand the true scope of the problem.
“Cybercrime is easier than ever to participate in. Better threat technology makes cybercriminals more effective and wealthier than ever before,” he said. “We have compiled the vast numbers associated with cybercrime over the past year with help from our Internet Intelligence Graph and third-party sources to help businesses and researchers better understand what they’re up against.”
In addition to the overall number, the report also provides a micro-level breakdown of the amount of specific types of crime related to ecommerce and card not present fraud including e-commerce losses to online payment fraud ($38,052 per minute), magecart attacks (1 every 31 minutes), and the amount lost to cryptocurrency scams ($3,615 per minute).
“The report examines industries like e-commerce, which saw a record $861.1 billion in sales yet faced $38,052 in losses to online payment fraud per minute,” the post said.
The overall cost of a cybersecurity breach is estimated at $7.2 per minute.