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Hackers Make More Money Than Is Spent On Cybersecurity

By September 4, 2018June 3rd, 2022Cybersecurity

Quick question – how much do the world’s cyber criminals make every sixty seconds?

If you guessed a quarter of a million dollars, you’d be wrong. If you doubled that value, you’d be wrong again.

According to research conducted by RiskIQ, cybercriminals are raking in a cool million dollars per minute, compared with businesses spending $171,233 per minute on security measures. It’s a lopsided battle, and businesses aren’t winning.

Some other interesting tidbits culled from the company’s research. Every sixty seconds:

  • Four new potentially vulnerable web components are discovered.
  • A new website appears running the CoinHive cryptocurrency mining script.
  • 1.5 companies fall victim to a ransomware attack, with an average cost to the victimized company of $15,221.

In addition to that, RiskIQ discovered that a site running the CoinHive script was deleted every ten minutes, and that a new phishing domain appears about every five minutes.

Raef Meeuwisse, a security researcher and author, had this to say about the report and its findings:

“Cybercrime and cybersecurity co-exist in a constant cycle of innovation. As one particular criminal trend towards a particular technique increases, so the security functions create or strengthen the required defenses.

However, it is evident at both the level of personal and organizational cybersecurity that spending is unusually low. In fact, most of these cybercriminals are not going after the hard targets with great defenses, they are targeting the low hanging fruit – and there is still far too much of it.”

The simple truth is that until and unless we start taking cybersecurity more seriously, and until the aforementioned “low hanging fruit” ramps up spending to properly secure their systems, we can expect to see the number of cybercrimes continue to increase. Unfortunately, despite the crimewave, there doesn’t seem to be much motivation to do that.

Chris Forte

Chris Forte, President and CEO of Olmec Systems, has been in the MSP workspace for the past 25 years. Chris earned his Master’s Degree from West Virginia University, graduating Magna Cum Laude. He was a past member of the Entrepreneurs’ Organization, a current member of the New Jersey Power Partners and Executive Association of New Jersey, where he has previously served on its board of directors. In his spare time, Chris enjoys traveling with his family. He also admits to being a struggling golfer and avid watcher of college football and basketball. He currently lives in Boonton Township, NJ with his wife, two daughters, son, and black lab Luna.