Mind Blowing Cost of Cybercrime Every 60 Minutes

Oct 02, 2017 | by Heidi Bleau

As we kick off National Cybersecurity Awareness Month (NCSAM), there will be no shortage of tips and tricks for consumers and businesses to stay safe online.  In fact, this is the mission of organizations such as the National Cyber Security Alliance who are dedicated to raising awareness of hot cyber issues from identity theft to cyber bullying to threats against critical infrastructure.

While the security industry strives to bring attention to cyber threats, there often remains a lingering question: what is the financial impact?   We are kicking NCSAM off a little different this year by looking at the estimated costs of today’s top cybercrime attacks, including phishing, account takeover (ATO) and e-commerce fraud losses. 

Consider this:

  •  Today, RSA’s Anti-Fraud Command Center identifies a new phishing attack every 30 seconds.  Have you ever wondered what the estimated cost of a phishing attack really is? 
  •  With all the password breaches in the last 18 months, account takeover has put many organizations at high risk for fraud as fraudsters look to test stolen credentials across many popular consumer websites.  What are these types of attacks costing businesses?
  •  Account takeover is not the only culprit adding to fraud losses.  E-commerce losses from card-not-present fraud are also on the rise.  What is the financial impact as a percentage of total e-commerce sales?

Combining RSA’s real world daily insight into fraud and cybercrime events, as well as some of the top sources in the industry, we have created a new tool, “Mind Blowing Cost of Global Cybercrime Every 60 Minutes” to answer these questions.

Of course, as the month proceeds, we will continue to release helpful insights and tips for consumers and businesses to address the many cybercrime threats that plague our digital lives.  However, those best practices wouldn’t be the same without the context behind it.

What other high impact fraud threats would you like to see featured?  Please respond to us on Twitter @RSAFraud and share your ideas. 

 

To learn more about the latest fraud and cybercrime trends, visit www.rsa.com/fraudprevention.

Author: Heidi Bleau

Category: RSA Fundamentals, RSA Point of View

Keywords: Cyber Crime, Account Takeover, Fraud, Fraud Prevention, National Cybersecurity Awareness Month, Phishing