Cybercrimes amount to more than $1M per minute, taking advantage of cryptocurrency

22 Aug, 2018
by Matthew Kim
News
Cybercrimes amount to more than $1M per minute, taking advantage of cryptocurrency

RiskIQ, a cyber security company based in San Francisco, reported that about $1,138,888 is stolen through cybercrime every minute.

An infographic by RiskIQ portrayed the staggering amount of funds that are stolen through the internet. RiskIQ found that the rate of lost funds has increased by about $280,000 per minute. Disclosed incidents alone amount to $2.9 billion per day. In total, the cost of cybercrime for the year 2018 is believed to have already surpassed $600 billion.

Source: RiskIQ

Cybercrime threatens funds all around the world and is not expected to be solved or reduced any time soon. CEO of RiskIQ Elias Manousos stated that the volume of cybercrimes will only increase “as the internet and its community continue to grow at a rapid pace”.

A new playground for cybercrimes has been the emerging cryptocurrency scene. With myriad of unknowledgeable investors and even infant businesses in the industry, cyber criminals are running wild. Bots are running wild on twitter, and about 3 new hosts are victims of a crypto mining malware every hour.

Source:RiskIQ

Back in March, Bitcoin.com reported that nearly $9 million a day was lost in cryptocurrency scams. More recently, the British police revealed that there was about $2.55 million worth of losses in cryptocurrency in the summer of 2018.

Cybercrimes will likely never be stopped, but awareness of cybercrimes must be spread and cryptocurrency companies must do a more thorough job of establishing security.

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