Report: Nearly 70% of companies using anti-bot solutions lost revenue due to account fraud by bots
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Nearly 70% of businesses lost 6% or more of their revenue due to account fraud by bots, according to a new 2022 report on the state of bot mitigation published by Kasada. And 40% of businesses have lost at least 10% of their revenue in the past 12 months.
The majority of organizations using anti-bot solutions continue to struggle to stay ahead of threat actors despite typically spending millions of dollars to combat malicious bot attacks. This is largely due to the manual effort required to maintain and manage expensive solutions. Companies are being forced to spend more and more time, money and resources to keep pace with the innovation and speed of motivated attackers.
What is bot account fraud?Account takeover (ATO) attacks, creation of fake accounts, and any type of fraud on user accounts that are carried out via automation or bots are considered account fraud driven by bots.
Companies are losing money to account fraud by bots due to downstream effects on end-customer websites, mobile apps, and APIs. As a result of bot attacks, businesses are reporting website downtime, data leaks, and increased infrastructure costs, leading to poor customer experience, lower online conversions, and compromised privacy. reputation. Together, these negative impacts directly or indirectly contribute to a loss of revenue.
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look here More and more sophisticated botsAmong the findings of the report:
83% of respondents say bots are becoming more sophisticated and difficult for security teams to detect; 62% have spent more than $500,000 fighting bot attacks in the past year; The hardest type of bot to stop is credential stuffing; web scraping; denial of inventory; CAPTCHA defeat; fake account creation; Application DDoS; and carding/cracking.Kasada commissioned Atomik Research to conduct a survey of 202 US security and IT professionals responsible for mitigating bots. The fieldwork took place between August 18...
Check out all the Smart Security Summit on-demand sessions here.
Nearly 70% of businesses lost 6% or more of their revenue due to account fraud by bots, according to a new 2022 report on the state of bot mitigation published by Kasada. And 40% of businesses have lost at least 10% of their revenue in the past 12 months.
The majority of organizations using anti-bot solutions continue to struggle to stay ahead of threat actors despite typically spending millions of dollars to combat malicious bot attacks. This is largely due to the manual effort required to maintain and manage expensive solutions. Companies are being forced to spend more and more time, money and resources to keep pace with the innovation and speed of motivated attackers.
What is bot account fraud?Account takeover (ATO) attacks, creation of fake accounts, and any type of fraud on user accounts that are carried out via automation or bots are considered account fraud driven by bots.
Companies are losing money to account fraud by bots due to downstream effects on end-customer websites, mobile apps, and APIs. As a result of bot attacks, businesses are reporting website downtime, data leaks, and increased infrastructure costs, leading to poor customer experience, lower online conversions, and compromised privacy. reputation. Together, these negative impacts directly or indirectly contribute to a loss of revenue.
EventOn-Demand Smart Security Summit
Learn about the essential role of AI and ML in cybersecurity and industry-specific case studies. Watch the on-demand sessions today.
look here More and more sophisticated botsAmong the findings of the report:
83% of respondents say bots are becoming more sophisticated and difficult for security teams to detect; 62% have spent more than $500,000 fighting bot attacks in the past year; The hardest type of bot to stop is credential stuffing; web scraping; denial of inventory; CAPTCHA defeat; fake account creation; Application DDoS; and carding/cracking.Kasada commissioned Atomik Research to conduct a survey of 202 US security and IT professionals responsible for mitigating bots. The fieldwork took place between August 18...
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