Cybersecurity firm Arkose Labs today unveiled its $1 million Credential Stuffing Warranty. It offers a commercial guarantee against credential stuffing attacks, covering customers up to $1 million in response expenses. The costs covered include legal consultation, forensic services, notification expenses, identity theft, and credit monitoring.
Credential stuffing attacks, where fraudsters use automation to test massive amounts of username/password combinations in order to take over user accounts, are one of the biggest issues facing businesses today. Despite significant investment in fraud and authentication solutions, large-scale credential stuffing attacks are resulting in significant business losses and hinder user experiences.
Nearly two-thirds of the attacks seen on the Arkose Labs network target the login point. According to the FBI’s Cyber Division, credential stuffing attacks can cost the average business upwards of $6 million per year.
In a recent Arkose Labs survey of 100 fraud and security professionals, 63 percent said these attacks had caused their business compliance concerns and 49 percent said they had lost customers in 2020 due to successful attacks that targeted user accounts.
Kevin Gosschalk, CEO of Arkose Labs said,
“Arkose Labs is an ally to digital businesses when it comes to thwarting automated credential stuffing attacks,” CEO Kevin Gosschalk said. “That’s why Arkose Labs offers the industry’s first commercial warranty to support our customers with up to $1 million in response expenses if we fail to defeat an automated attack. We want to show our commitment to customers by sharing a portion of responsibility with regard to attack mitigation.”
Patrice Boffa, vice president of customer success for Arkose Labs, “This warranty provides commercial assurance that Arkose Labs delivers the most robust protection against credential stuffing attacks available on the market today, while maintaining a completely user-centric approach to security that challenges suspicious traffic using incremental risk-based friction, rather than blocking it outright,” vice president Patrice Boffa added.
Last month, Arkose Labs raised a $70 million Series C funding round led by SoftBank Vision Fund 2 with additional participation from Wells Fargo Strategic Capital and previous investors M12 and PayPal Ventures, bringing the total funding to $114 million to date.