Businesses are "losing the war" against malicious bots, which are causing downtime, reputational damage and logistical bottlenecks, a new report claims.
According to security firm Kasada, most organizations (64 percent) lost at least six percent of their revenue to bot attacks in the last year, while a third (32 percent) lost at least 10 percent.
A quarter of organizations found that a single bot attack cost them at least $500,000, while almost half (44 percent) faced an attack that cost at least $250,000 to recover from.
To mitigate these attacks and defend against future ones, most firms are throwing larger and larger sums of money at the problem. The majority (77 percent) spent at least $250,000 on mitigating bot attacks in the last year, while the remaining 27 percent spent more than a million.
The scope of the problem is also reflected in the fact that bot attacks are now a C-level concern. Today, most companies (63 percent) plan to increase their spending on bot prevention over the next twelve months.
Whether or not increasing investments will help solve the problem remains to be seen. Kasada says that most companies aren’t prepared for what’s coming, as bots are growing in sophistication, making them increasingly difficult to detect.
In fact, just about a third (31 percent) of firms are confident in their ability to detect new bots, while 15 percent said their bot-detecting solution remained effective after a year.
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