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Research: Malicious Bots Cost Companies $85.6 Million Annually, with China and Russia as Primary Sources

AI/MLResearch: Malicious Bots Cost Companies $85.6 Million Annually, with China and Russia as Primary Sources

Automation and bots have the potential to transform the fintech market for the better, but if misused, malicious bots can remain undetected for months, costing companies $85.6 million annually, equivalent to approximately 50 average ransomware payouts, according to research by Netacea. Their report, titled “Death by a Billion Bots: The Growing Business Cost of Malicious Automation,” highlights that the majority of these attacks occur in the US (48%), with the UK facing 37% of attacks. Europe, excluding the UK, only experiences 9% of such attacks, while the rest of the Americas, excluding the US, sees 7% of attacks.

The research surveyed 440 businesses with an average online revenue of $1.9 billion across various sectors. It also identifies China (72%) and Russia (66%) as the primary sources of these attacks, with Vietnam also emerging as a significant hub.

The report reveals that over 75% of all attack traffic in Europe originates from Russia, with attacks from Russia increasing by 82% in two years and rising by 11% after sanctions were imposed in early 2022.

Examining the evolution of bot attacks, the report notes that website attacks have remained steady at around 65%, while API attacks have almost doubled from 23% in 2020 to 40% in 2022. Mobile app attacks followed a similar trend, increasing from 46% to 65%.

The report underscores the growing threat of automation attacks, which are harder to detect and can chip away at businesses over time. In 2022, 99% of companies detecting automated attacks reported increased attack volumes across all forms. The cumulative impact of these attacks, dubbed “death by a billion bots,” leads to substantial financial losses, damaging reputations and operations. The research indicates that businesses lose an average of 4.3% of online revenues annually, amounting to $85.6 million, and it takes an average of four months to detect these attacks, further compounding their impact. Responding to malicious automation takes over a month for 97% of organizations.

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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