Hacker working on computer cyber crime

As e-commerce sales continue to grow and the use of cloud-based technology increases, globally the number of cyberattacks is also dramatically rising — costing businesses across all sectors big bucks.

In a research report by RiskIQ, the firm looked at cybercrime data and coupled it with other, independent research to put a dollar amount on the cost of cybercrime. The firm said, according to its threat research, that as the Internet and e-commerce grow, “so does the scale of threat activity targeting organizations that are expanding their digital presence and rapidly adopting the cloud.”

“By 2021, cybercriminals will cost the world $11.4 million each minute, fueled by greater ease of entry into cybercrime and more opportunities to leverage global events like COVID-19 in successful threat campaigns,” RiskIQ said in its report.

They calculated that cybercrime costs organizations $24.70 every minute and will have a per-minute global cost that is $6.2 million higher per minute than it was in 2015. They also noted that there are 375 new cyber threats occurring every minute, which compromise more than 16,000 records per minute.

When asked what can e-commerce brands and retailers do to mitigate this risk, Steve Ginty, director of Threat Intelligence at RiskIQ, told WWD that it is “crucial for e-commerce companies to employ tools that give them visibility into how their brand is being leveraged by threat actors in web, mobile, and social to detect and prevent instances of fraud and brand infringement.”

“By taking a proactive approach, they can keep their customers and employees safe,” he said, adding that it is also crucial “for e-commerce companies to be aware of the code running on their web sites, including plug-ins and other third-party dependencies. Being aware of the code and how it changes can prevent JavaScript attacks like card-skimming. Card-skimming groups such as Magecart are becoming more prevalent and more active.”

RIskIQ report

In regard to fighting cybercrime across the globe, Ginty described it as a collaborative effort “between law enforcement, government agencies and the cybersecurity community. We all work together to stay vigilant and innovate to keep up with attackers as they evolve.”

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