Cyber crime's toll: $1.1 million in losses and 1,861 victims per minute

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Every minute more than $1.1 million is lost to cyber crime and 1,861 people fall victim to such attacks, according to a new report from threat management company RiskIQ.

Despite the best efforts of organizations to guard against external cyber threats, spending up to $171,000 every 60 seconds, attackers continue to proliferate and launch successful campaigns online, the study said.

Attacker methods range from malware to phishing to supply chain attacks aimed at third parties. Their motives include monetary gain, large-scale reputational damage, politics and espionage.

One of the biggest security threats is ransomware. The report said 1.5 organizations fall victim to ransomware attacks every minute, with an average cost to businesses of $15,221.

Not surprisingly, deployments of technology to protect against ransomware is on the rise. The market for ransomware protection products and services was worth $9.98 billion in 2017 and is projected to grow to $24.74 billion by 2023, at a compound annual growth rate (CAGR) of 16 percent from 2018 to 2023, according to research firm ResearchAndMarkets.

See Also Best practices for stopping the threat of ransomware

The advent of crypto currencies such as Bitcoin has increased the demand of ransomware protection, as most of the ransom is demanded in the form of crypto currencies due to their untraceable nature, the report said.

Research firm Gartner Inc. suggests organizations take several steps to protect themselves against ransomware attacks, including carrying out regular vulnerability scanning to provide visibility of potential risk exposure; concentrating on basic functions such as patch-oriented security practices and system hardening; and disabling non-essential and unused services in order to prevent the spread of malware within corporate networks.

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