Cybercrime Costs Global Economy $2.9m Per Minute
Global losses to cybercrime total $1.5 trillion per year, which amounts to $2.9 million per minute, a new report by RiskIQ shows. Some of the largest companies are losing $25 each minute due to security breaches. Phishing campaigns accounts for losses of $17,700 per minute and ransomware attacks are expected to cost the world $22,184 per minute this year.
RiskIQ CEO Lou Manousos says that “with the recent explosion of web and browser-based threats, organizations should look to what can happen in a matter of minutes and evaluate their current security strategy.” In particular, firms need to “realize that they are vulnerable beyond the firewall, all the way across the open internet.”