Hackers Steal More Than $1M From Global Economy Every 60 Seconds

It was reported yesterday that, according to a new report from RiskIQ, approximately 1,861 people fall victim to cyber-attacks in a span of 60 seconds, while some $1.14 million is stolen. The project aimed to show the magnitude of the issue of global cybercrime by framing it in terms of an “Evil Internet Minute.”

By analysing both proprietary and third-party research, the firm’s researchers found hackers used a variety of tactics to extract money digitally, including malware, phishing and supply chain attacks that targeted third parties. In addition, cyber criminals issued roughly 1,274 pieces of unique malware each minute.

Ryan Wilk, Vice President at NuData Security:

“Organised cybercrime is growing stronger each day, creating ever more advanced waves of malware as well as phishing and other online fraud techniques. One important result of this is the accelerating adoption of advanced fraud prevention and security solutions by major brands and other consumer-facing sectors that transact online.

“Company’s fraud losses are proportional to the fraudster’s success in using the victim’s data to steal money, services, and goods. It is for this reason that businesses are starting to implement solutions that can devalue this stolen data and better protect user accounts.

These technologies let organisations immediately verify users based on their previous behaviours and interactions, and can also spot and thwart fraud attempts in real time before losses occur.”