Hackers steal more than $1M from global economy in a single minute: analysis

Hackers are able to steal more than $1 million from the global economy through cybercrime in a single minute, according to a new report released Tuesday.

Approximately 1,861 people fall victim to cyber attacks in a span of 60 seconds, while some $1.14 million is stolen, cybersecurity firm RiskIQ found.

The project aimed to show the magnitude of the issue of global cybercrime by framing it in terms of an “Evil Internet Minute.”

By analyzing 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.

The motives ranged from monetary gain, to politics and espionage, RiskIQ found.

The problem with cyber thefts will continue to rise as the use of internet expands, according to RiskIQ CEO Elias Manousos.

“As the internet and its community continue to grow at a rapid pace, the threat landscape targeting it grows at scale as well,” Manousos said in a statement.

“As companies innovate online to make more meaningful touchpoints with their customers, partners, and employees, attackers prey on their lack of visibility into their internet-facing attack surface to erode users’ trust and access credentials and sensitive data,” Manousos said.

Even if a company spent money to boost its cybersecurity, attackers still proved successful at carrying out campaigns online, the firm found.

“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,” according to the company’s press release.