A recent study conducted by cybersecurity firm Netacea titled “Death by a Billion Bots” reveals the significant financial losses businesses worldwide face due to bot attacks. This study highlights the primary sources of these attacks, the targeted platforms, and the negative impact on customer satisfaction.
Description
The study [1] [6], based on a survey of 440 companies across various sectors, shows that businesses lose an average of 4.3% of their online revenue annually to bot attacks, resulting in an average loss of $85.6 million per firm. This represents a substantial increase from the previous year’s average loss of $33.3 million per business.
China and Russia are identified as the primary sources of these attacks, with Vietnam also being a significant origin [4]. The study emphasizes that mobile devices, websites [1] [2] [3] [4] [6], and APIs are the most targeted platforms. Attacks on APIs have become increasingly common [1], surpassing website attacks for the first time [1]. The study also identifies two new attack vectors: fake account creation and gift card cracking [6].
In addition to financial losses, these attacks have a negative impact on customer satisfaction. The study states that 88% of respondents reported negative effects on customers’ experiences. Respondents also mentioned that these attacks often go undetected for extended periods, with an average “dwell time” of four months [4]. It typically takes more than a month for businesses to respond to these attacks.
Netacea co-founder Andy Still warns that these attacks not only erode businesses’ value but also damage their reputations and operations [4]. He further cautions that businesses should expect an increase in the frequency of these attacks, especially in regions with limited law enforcement capabilities [2] [4]. It is crucial for businesses to address this issue promptly and implement robust security measures to mitigate the financial and reputational risks associated with bot attacks [7].
Another study conducted by Coleman Parkes and released by Netacea supports these findings [6], revealing that bot attacks on organizations worldwide are predominantly coming from Russia and China [6]. Out of the 440 businesses surveyed, 72% reported being hit by bots based in China [6], while 66% experienced attacks from Russia [5] [6]. The report also highlights the increasing prevalence of bot attacks globally [6], with 99% of respondents detecting an increase in attack volume [6]. Bots target websites [6], APIs [1] [2] [3] [4] [6], and applications [6], posing serious issues for businesses [6]. Bots are responsible for a significant portion of internet traffic [6], making up 47.4% in the previous year [6], and are expected to dominate internet traffic by the end of 2023 [6]. While not all bot traffic is malicious [6], the threat of bad bots is growing [6].
Conclusion
Bot attacks pose significant financial losses and negative impacts on customer satisfaction for businesses worldwide. Prompt action and robust security measures are necessary to mitigate the risks associated with these attacks. The study highlights the primary sources of attacks, the targeted platforms, and the increasing prevalence of bot attacks globally [6]. Businesses should be prepared for an increase in the frequency of these attacks, especially in regions with limited law enforcement capabilities [2] [4]. As bots continue to dominate internet traffic, the threat of bad bots is expected to grow, emphasizing the need for ongoing vigilance and proactive measures.
References
[1] https://www.threatshub.org/blog/vast-majority-of-bot-attacks-emanate-from-china-and-russia/
[2] https://flyytech.com/2023/09/21/bot-attack-costs-double-to-86m-annually/
[3] https://www.infosecurity-magazine.com/news/bot-attack-costs-double-to-86m/
[4] https://www.linkedin.com/pulse/annual-bot-attack-costs-soar-86-million-kairosols-get-secured
[5] https://cybermaterial.com/russian-and-chinese-bots-cost-billions/
[6] https://www.cybersecurityconnect.com.au/technology/9589-66-of-all-bot-attacks-come-from-russia-and-china
[7] https://cybersecurity-see.com/bot-attack-costs-double-the-amount-to-86m-annually/
