Global losses to cybercrime total $1.5 trillion per year, which amounts to $2.9 million per minute, a new report by RiskIQ shows. Some of the largest companies are losing $25 each minute due to security breaches. Phishing campaigns accounts for losses of $17,700 per minute and ransomware attacks are expected to cost the world $22,184 per minute this year.

RiskIQ CEO Lou Manousos says that “with the recent explosion of web and browser-based threats, organizations should look to what can happen in a matter of minutes and evaluate their current security strategy.” In particular, firms need to “realize that they are vulnerable beyond the firewall, all the way across the open internet.”

Read more: Cybercrime Costs Global Economy $2.9m Per Minute