Organisations spend around $1.7m each minute on combating cyber threats

There are around 648 cyber threats every minute and this crime costs organisations $1.7m each minute, according to a study from RiskIQ.

The annual report, Evil Internet Minute, claims the average cost of a breach is $7.2 per minute.

Some of the other stats in the report are that the average cost of breach in the healthcare industry is $13.3 per minute, the amount lost to cryptocurrency scams is $3,615 per minute and 525,600 records are compromised each minute.

RiskIQ CEO Lou Manousos said, “Cybercrime is easier than ever to participate in. Better threat technology makes cybercriminals 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.”

The study is aimed at revealing the top threats organisation face. It investigates a number of industries, including the e-commerce sector, which witnessed $861bn in sales, despite facing nearly $38,052 in losses to online payment fraud each minute.

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