More than 90% of e-commerce sites’ global login traffic comes from hackers, according to a new report.
Cyber criminals buy troves of personal login information to try to login to websites where they can grab something valuable like cash, airline points, or merchandise like expensive cheese.
The airline and consumer banking industries are also under siege, with about 60% of login attempts coming from criminals.
These attacks are successful as often as 3% of the time, and the costs quickly add up for businesses.
This type of fraud costs the e-commerce sector about $6 billion a year, while the consumer banking industry loses out on about $1.7 billion annually. The hotel and airline businesses are also major targets—the theft of loyalty points is a thing—costing a combined $700 million every year.
By the time you hear about a hacker intrusion, it’s usually too late; on average, it takes 15 months from the day credential data is stolen to the day an intrusion is revealed.