Businesses losing revenue to bot attacks

A new report reveals that 98 percent of organizations attacked by bots in the past year have lost revenue as a result.

The latest State of Bot Mitigation Report from Kasada, based on a survey of over 220 US tech professionals, also shows that despite investing heavily in bot defenses, most solutions are proving to be ineffective. Just one in five say that after initial deployment their bot mitigation solution retained effectiveness for more than 12 months.

Of those using bot management 67 percent are currently utilizing Content Delivery Network (CDN)-based bot detection. 30 percent say their organization has spent $1,000,000 or more on mitigating bot attacks over the past year.

Given the poor levels of effectiveness it's not surprising that 79 percent say they are likely to switch bot mitigation providers based on their detection and efficacy.

"Financially-motivated adversaries are circumventing traditional bot defenses more quickly than many can adapt," says Sam Crowther, founder and CEO of Kasada. "To add to injury, new technologies, like AI, are lowering the barrier to entry for attackers -- increasing the number of automated threats that organizations are facing. Companies need a bot mitigation approach that is as dynamic as the adversary -- quick to evolve, difficult to evade, and invisible for customers. Kasada provides exactly that."

Among other findings, 87 percent of IT/IS specialists say their executive team is concerned about bot attacks and AI-driven fraud. Many are worried about AI fueling more complex and more frequent bot attacks. The most concerning being generative AI enabling criminal attackers to pull off complex attacks with more ease, as well as sophisticated bots developing the ability to easily bypass CAPTCHAs.

Web scraping is seen as one of the top threats with 37 percent reporting that their organization has lost more than five percent of revenue as a result of web scraping. 34 percent also report their organization has lost more than five percent of revenue due to account fraud.

You can read more and get the full report on the Kasada blog.

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