A new report on cybercrime by LexisNexis Risk Solutions found that bot attacks increased by 41% in the first half of 2021.
The half-yearly report found that the financial services industry and media companies are facing the greatest burden of bot attacks, while human-based attacks have fallen by 29%. According to the report, financial services companies had 683 million bot attacks from January to June, while media companies accounted for 351 million, an increase of 174% year on year.
The LexisNexis Risk Solutions Cybercrime report is compiled through the analysis of 28,7 billion transactions over a six-month period through the LexisNexis Digital Identity Network. Digital transactions increased by a total of 30% this year.
Researchers at LexisNexis Risk Solutions report that the United States continues to be the largest maker of automated bot attacks by volume, followed by the United Kingdom, Japan, Canada, Spain, Brazil, Ireland, and India. Mexico and Germany.
LexisNexis Risk Solutions' Stephen Topliss said the report confirms that cybercriminals are increasingly relying on automated processes, but also points out that scammers are creating further sophisticated networks to carry out fraud.
Bot attacks have increased worldwide, with each region recording an increase in bot volume in the first half of 2021. The Asia Pacific region recorded the highest growth alongside South America.
According to the report, cybercriminals are committing fraud by "exploiting massive data breaches, sophisticated automated tools and deep dark-web intelligence", which explains that due to limited personal banking options at the beginning of the COVID-19 pandemic, people they turned to digital financial products and never looked back.
Financial services companies are increasingly being attacked through payment transactions, which "continue to be attacked at a higher rate than any other industry." Media companies are also facing a significant number of new account attacks, with criminals using multimedia organizations as a way to test for stolen identity data.
The report notes that there has also been an increase in attacks on wallets cryptocurrency.
The researchers added that the future looked bleak as economies around the world struggled to recover from the COVID-19 pandemic.
Source of information: zdnet.com