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Automated bot cyberattacks up 41%: LexisNexis

Cyber crime, A hacker using a virus to attack software

Global risk firm LexisNexis reported a 41% increase in automated bot cyberattacks, as human-initiated cyberattacks showed a decline of 29%.

In a recent cybercrime report, LexisNexis said that automated bot attacks are most likely to threaten financial services businesses, with 683 million attacks recorded, a 28% increase year-over-year. The second most threatened business is media, with a recorded 351 million attacks, up 174% year-over-year.

Overall, LexisNexis reported 1.2 billion cyberattacks by automated bots, a stark contrast to the 236 million cyberattacks that were initiated by humans.

Automated bot attacks can take many forms, using extensive "attack typologies" to trick business fraud defenses to attempt account takeovers.

Some of these forms include new account creations, login transactions, payment transactions and password resets. LexisNexis reports that one in every 11 transactions in the digital identity network is an attempted attack.

There have been 407 million new account creations, 98 million password resets, 18.2 billion logins and four billion payments made year-over-year.

The US is the largest originator of automated bot attacks by volume, with the UK at number two, Japan at number three, Canada at number four and Spain at number five, according to LexisNexis.

Spain has climbed 17 spaces in the past year to reach the fifth spot, which is supported by an attack testing stolen email addresses at a media streaming site, the report states.

The US remains in the number one seat for largest contributors to human-induced cyberattacks, with Canada in the number two spot and Brazil in the number three spot.

North America specifically saw a 28% growth in transaction volume year-over-year, with a 42% growth in bot attack volume. LexisNexis also said that North America has recorded increasing daily attack rates since March, which is potentially linked to Covid-19.

These attacks specifically manifest as bot attacks attempting to register new social media accounts by using computer-generated email addresses to make fake accounts to use in spamming attacks and large bot attacks targeting ecommerce giants.

LexisNexis concluded the report but stating that business that "shore up their fraud defenses without impacting customer experience" will be the ones that succeed in an uncertain environment within the post-Covid world.

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