Learn how to articulate the value of your cybersecurity strategy while mitigating bad bots
The job of a Chief Information Security Officer (CISO) sometimes feels like a zero-sum game. From ensuring the health and security of an enterprise’s network and systems, to advocating for more resources and navigating heavily matrixed, global structures, there are a multitude of responsibilities on a CISO’s plate.
While more is expected of CISOs, shrinking resources make the job more difficult than ever. All of this comes on the heels of cyberattacks, the long-tail impacts of a global pandemic, and the rise of professional cybercrime-as-a-service (CaaS) offerings that can turn low-skill users into impactful cybercriminals .
Download our ebook, The CISO’s Guide to the ROI of Cybersecurity, and learn how mitigating bot attacks can actually boost your long-term savings.
CISO’s Guide: The ROI of Cybersecurity
CISOs are under more stress and scrutiny than ever before
The need to protect sensitive data keeps CISOs in the crosshairs with their boards. An FTI Consulting study found that 79% of CISOs feel heightened scrutiny from senior leaders 1. Due to this increased scrutiny, the rise of attacks, and more, a 2022 survey 2 found that 59% of CISOs experienced stress in their role and 48% felt burned out.
One way to improve both an enterprise’s cybersecurity and reduce stress and burnout amongst CISOs, is to implement a bot management solution that is effective at shoring up vulnerabilities, stopping malicious bot activity, and offering long-term cost savings. This move can also help CISOs achieve the desired end state of improving the overall security of their network.
However, implementing a new security solution can be expensive, and it may be necessary to justify the cost to other C-level executives or a board of directors. Arkose Labs' most recent ebook, The CISO’s Guide to the ROI of Cybersecurity, can help you do just that.
The ebook covers the following timely insights:
- How the modern bot threat impacts enterprises of all sizes
- The true cost of bot-driven cyberattacks, including:
- unplanned downtime
- customer data breaches
- reputational damage
- lost revenue
- Real-world case studies relating to SMS toll fraud
- How to weigh the potential impact of a cyberattack with the cost of onboarding a bot-mitigation solution
How bot attacks impact an enterprise’s bottom line
Malicious bot attacks, and the rise of botnets, have had a massive impact on enterprises and they are only getting smarter and more widespread. In fact, 42% of internet traffic consists of bots. Not all bots are bad, however. Here are some examples of good bots:
- chatbots, or customer service bots, that mirror human conversation on a company's website
- search engine bots, like Google's web crawlers, for search functionality and optimization
Many bots, however, are used for malicious activities or fraudulent purposes, like web scraping, sending spam and malware, or even creating fake accounts and identity theft. Today, bot attacks are no longer limited to spamming or small scraping attempts. Bots help attackers perform a multitude of malicious attacks, including DDoS (distributed denial of service) and account takeover attacks, perpetrate credit card fraud, abuse APIs, and more.
Now more than ever, attackers are using bots that are enabled with AI and can mimic human activity. These malicious bots can have an outsize impact, sometimes even making headlines. In a recent example, bots seemed to play a large role in ticket scalping and making it difficult for fans attempting to purchase Taylor Swift concert tickets 3, for instance.
Unplanned downtime due to bot attacks
Consumers have less patience than ever before and have an expectation for quick, digital-first transactions. If your enterprise systems are down while security teams are investigating a potential attack, or if consumers experience long wait times to talk with customer service, they can go elsewhere, taking their spending power with them.
Any instance of downtime, regardless of cause, is costly, with high-end estimates of more than $17,000 a minute 4 . Bot-related incidents not only have the potential to hurt a brand’s hard-earned reputation, but can kill productivity. Bot-driven downtime, like downtime that comes as a result of a DDoS attack, can not only sap valuable time from an enterprise’s security teams, but it can also harm the consumer experience as well.
Customer data breaches
A bot or botnet attack on an enterprise’s server can result in a data breach that exposes sensitive customer data. This can lead to costly regulatory fines and damage to a company's reputation. While inventory scraping often gets the headlines when it comes to bot attacks, it is important to note that cybercriminals are always on the prowl for ways to make a quick buck or gain information that can enable future attacks. This is where customer data, personal information, and user accounts (especially an email and password that can be used as part of a log-in credential) come in.
Customer data is a valuable asset, which is why it is increasingly regulated, like the European Union’s General Data Protection Regulation (GDPR), for instance. Cybercriminals use bots to automate many of the actions needed to steal customer data while lurking in user login and registration flows, and they use that data for a variety of purposes. Cybercriminals sell user information, like usernames and passwords, on the dark web for easy money, and leverage it for account takeover attacks.
A successful bot attack can also hurt a company's reputation if customers don't believe it can keep their data safe. Cybercriminals do whatever they can to make a profit at the expense of a business and its customers, and if customers are worried about their personal data, they may take their business elsewhere.
There are numerous ways in which cybercriminals can use bad bots to negatively impact an enterprise’s reputation, and much of it relates to the customer experience. For instance, fraudsters use stolen data to write fake company reviews or downvote products that are listed in online marketplaces like Amazon or on social media apps. They can use a bot to steal an enterprise’s web content or business data, like pricing details, and provide it to competitors. Both of these instances can, and will, negatively impact both an enterprise’s brand as well as its viability on the market.
Read our ebook for more insight on the bot threat, including real-world examples and data points from Arkose Labs.
CISO’s Guide: The ROI of Cybersecurity
Investing in the right bot solution helps CISOs maximize ROI
According to Cybersecurity Ventures, cybercrime has a global annual cost of $8 trillion 5, and investing in cybersecurity measures can result in significant ROI. Not only does it reduce the risk of a damaging attack, but it can also help to reduce the amount of time and resources needed to respond to and recover from a security breach.
Financial incentives fuel all fraud. Arkose Labs delivers long-term bot management and account security by undermining the economic drivers behind attacks. We help enterprise customers defend the most targeted user touchpoints by uncovering hidden attack signals and sabotaging attackers’ ROI without sacrificing good user throughput with legitimate human users.
An effective and modern bot management solution can help by reducing downtime, protecting customer data, avoiding reputation damage, and protecting against lost revenue. When it comes time to conduct a cost-benefit analysis, examining the costs of being negatively impacted by cyberattacks should be balanced with the benefits of an effective solution.
Be sure to download our ebook for more information. If you would like to learn more about Arkose Labs, book a meeting with us today!
- FTI Consulting Survey Reveals CISOs Struggle to Effectively Articulate the Business Impact of Cyber Risks
- Chief information security officers say stress and burnout, not job loss as a result of a breach, are their top personal risks
- Ticketmaster Blames Bots in Taylor Swift 'Eras' Tour Debacle
- Cybersecurity and the Cost of Unplanned Downtime
- Cybercrime To Cost The World 8 Trillion Annually in 2023