Companies are losing revenue in the fight against malicious bot attacks, according to survey by Kasada.
Despite spending millions of dollars on traditional bot management solutions, companies are still financially impacted by bot attacks. 38% of respondents estimate that a single bot attack costs their organization $500,000 or more, up from 25% in last year’s survey. Plus, 50% of organizations lost 10% or more of revenue due to bot-driven account fraud within the last year, up from 40% of organizations last year.
“The rising costs of automated attacks are due to the fact that adversaries are getting more advanced while organizations are still relying on outdated solutions that are slow to evolve, easy to evade, and difficult to manage,” said Sam Crowther, CEO of Kasada. “In fact, only 19% of this year’s respondents said their anti-bot solutions remained effective a year after initial deployment.”
Bots are becoming smarter
CAPTCHAs are detrimental to the customer experience and likely cause lost sales.
- 77% believe the customer experience on websites would be improved by the elimination of CAPTCHAs.
- 81% agree that their customers would have an improved and more fair user experience if they weren’t competing against bots.
- 79% say that bots are becoming more sophisticated and difficult for their security tools to detect.
- 63% say their companies experienced a bot attack within the last 12 months.
AI-driven fraud is a top concern as AI-enabled bots can now complete CAPTCHAs more quickly than humans, making it easier to launch automated attacks.
- 90% say their executive team is concerned about bot attacks and AI-driven fraud.
- 89% believe AI-driven fraud will present a threat to their organization over the next 12 months.
“Bots are continuously evolving to evade traditional bot management solutions, making defense a difficult, expensive effort for companies,” said Crowther.
“So much money and time are wasted on static defenses that don’t protect companies against these threats,” Crowther concluded.