More than $1 million is lost every minute to cyber-crime. That staggering stat comes to us by way of RiskIQ who published new research showing that despite businesses spending roughly $171K every minute on cyber security, $1.1M is lost to cyber-crime.
Their research found that every 60 seconds:
- 1.5 organizations fell victim to ransomware attacks, with an average cost to businesses of $15K
- A new site appeared running the CoinHive cryptocurrency mining script
- Four potentially vulnerable web components were discovered
It also found that a new phishing domain appears every five minutes, and a new site running the CoinHive cryptocurrency mining script was detected every 10 minutes.
In an email to Info-security, security author Raef Meeuwisse said that cyber crime continues to be a profitable industry, and cyber-criminals continually evolve their tactics to remain one step ahead of the average cyber-security function.
He said: “Cyber-crime and cyber-security co-exist in a constant cycle of innovation. As one particular criminal trend towards a particular technique increases, so the security functions create or strengthen the required defenses.
“However, it is evident at both the level of personal and organizational cyber-security that spending is usually too low. In fact, most of these cyber-criminals are not going after the hard targets with great defenses, they are targeting the low-hanging fruit – and there is still far too much of it.”
RiskIQ CEO Elias Manousos said, “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.”
Remember that your employees are your last line of defense against a cyberattack.