News & Comment: In an Evil Internet Minute, $1,138,888 is Lost to Cybercrime, Reveals RiskIQ
In an Evil Internet Minute, $1,138,888 is Lost to Cybercrime, Reveals RiskIQ
SAN FRANCISCO, Aug. 21, 2018 (GLOBE NEWSWIRE) — With cybercriminals costing the global economy $600 billion last year alone, global digital threat management leader RiskIQ tapped proprietary and third-party research to examine the growing volume of malicious activity on the internet to reveal the latest “Evil Internet Minute.” The data shows that in a single evil internet minute, $1,138,888 is lost to cybercrime, and 1,861 people fall victim. Despite businesses’ best efforts to guard against external cyber threats, spending up to $171,233 in 60 seconds, attackers continue to proliferate and launch successful campaigns online.
COMMENT: In response to new findings issued today from Risk IQ that every “Evil Internet Minute” $1,138,888 is lost to cybercrime and 1,861 people fall victim to it, an expert with NuData Security, a Mastercard company, offers perspective.
Ryan Wilk, Vice President of Delivery – Customer Success, NuData Security, a Mastercard Company
“Organized 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 organizations immediately verify users based on their previous behaviors and interactions, and can also spot and thwart fraud attempts in real time before losses occur.”
Hugh Taylor
Hugh Taylor is a Certified Information Security Manager (CISM). In addition to editing Journal of Cyber Policy, he writes about cybersecurity, compliance and enterprise technology for such clients as Microsoft, IBM, SAP, HPE, Oracle, Google and Advanced Micro Devices. Prior to launching his freelance writing career, he served in executive roles at Microsoft, IBM and several venture-backed technology startups.