Cybercrime costs organisations $1.79m every minute, according to RiskIQ’s 2021 Evil Internet Minute Report.
The study analysed the volume of malicious activity on the internet and showed the scale and damage of cyber-attacks in the past year. It found that 648 cyber-threats occurred every minute.
The researchers calculated that the average cost of a breach is $7.20 per minute, while the overall predicted cybersecurity spend is $280,060 every minute.
E-commerce has been hit heavily by online payment fraud in the last year, due to the shift toward online shopping because of the pandemic.
Healthcare lost $13 per minute on digital security breaches in the past year.
The report also looked at the impact of different sorts of cybercrime. It showed that per minute, $3615 is lost to cryptocurrency scams, 525,600 records compromised, and six organisations victimised by ransomware.
The scale of cyber-attacks in 2021 was further highlighted by the fact that one Magecart host was detected every 31 minutes, one vulnerable Microsoft Exchange server was patched every 1.7 minutes and one malicious mobile app blocklisted every five minutes.
Lou Manousos, CEO of RiskIQ, said: “better threat technology makes cyber-criminals more effective and wealthier than ever before. 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.”