Radware Report Shows That Respondants Claim Average Cost of Cyberattack Now Exceeds $1 Million
January 15 2019 - 6:00AM
Radware® (NASDAQ: RDWR), a leading provider of cybersecurity and
application delivery solutions, today announced it has released its
2018-2019 Global Application and Network Security Report, in which
survey respondents estimate the average cost of a cyberattack at
$1.1M. For those organizations that calculate (versus estimate) the
cost of an attack, that number increases to $1.67M. The top impact
of cyberattacks, as reported by respondents, is
operational/productivity loss (54%), followed by negative customer
experience (43%). What’s more, almost half (45%) reported that the
goal of the attacks they suffered was service disruption. Another
third (35%) said the goal was data theft.
“While threat actors only have to be successful once,
organizations must be successful in their attack mitigation 100% of
the time,” said Anna Convery-Pelletier, Chief Marketing Officer for
Radware. “A cyberattack resulting in service disruption or a breach
can have devastating business impacts. In either case, you are left
with an erosion of trust between a brand and its constituency.”
While the cost of attack mitigation continues to
rise, so does the number of organizations under attack. Most
organizations have experienced some type of attack within the
course of a year, with only 7% of respondents claiming not to have
experienced an attack at all. Twenty one percent reported daily
attacks, representing a significant rise from 13% last year. Not
only are attacks becoming more frequent, they are also more
effective: 78% of respondents hit by a cyberattack experienced
service degradation or a complete outage, compared to 68% last
year. Even with these numbers, 34% of respondents do not have a
cybersecurity emergency response plan in place.
Other key findings of the report include:
- 43% of respondents reported negative customer experiences and
reputation loss following a successful attack.
- Data leakage and information loss remain the biggest concern to
more than one-third (35%) of businesses, followed by service
outages.
- Hackers increased their usage of emerging attack vectors to
bring down networks and data centers: Respondents reporting HTTPS
Floods grew from 28% to 34%, reports of DNS grew from 33% to 38%,
reports of burst attacks grew from 42% to 49%, and reports of bot
attacks grew from 69% to 76%.
- Application-layer attacks cause considerable damage. Two-thirds
of respondents experienced application-layer DoS attacks and 34%
foresee application vulnerabilities being a major concern in the
coming year. More than half (56%) reported making changes and
updates to their public-facing applications monthly, while the rest
made updates more frequently, driving the need for automated
security.
- 86% percent of surveyed businesses indicated they explored
machine-learning (ML) and artificial intelligence (AI) solutions.
Almost half (48%) point at quicker response times and better
security as primary drivers to explore ML-based solutions.
Radware’s Global Application and Network Security Report, now in
its eighth year, is a cross-industry report compiled by Radware’s
Emergency Response Team (ERT), leveraging vendor-neutral survey
data from 790 IT executives spanning several industries around the
globe, Radware’s hands-on experience handling today’s leading
threats, as well as third-party service provider commentary. The
complete Global Application & Network Security Report
2018-2019, which details 2018’s major attack trends and provides
predictions and recommendations from Radware’s ERT for how
organizations can best prepare for mitigating cyber threats in
2019, can be downloaded at
https://www.radware.com/ert-report-2018/
THIS PRESS RELEASE AND THE REPORT ARE PROVIDED FOR INFORMATIONAL
PURPOSES ONLY. THESE MATERIALS ARE NOT INTENDED TO BE AN INDICATOR
OF RADWARE'S BUSINESS PERFORMANCE OR OPERATING RESULTS FOR ANY
PRIOR, CURRENT OR FUTURE PERIOD.
About Radware
Radware® (NASDAQ: RDWR), is a global leader of cyber
security and application delivery solutions for physical,
cloud, and software defined data centers. Its award-winning
solutions portfolio secures the digital experience by providing
infrastructure, application, and corporate IT protection and
availability services to enterprises globally. Radware’s solutions
empower more than 12,500 enterprise and carrier customers worldwide
to adapt to market challenges quickly, maintain business continuity
and achieve maximum productivity while keeping costs down. For more
information, please visit www.radware.com.
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iPhone® and our security center DDoSWarriors.com that
provides a comprehensive analysis on DDoS attack tools, trends and
threats.
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solutions mentioned in this press release are protected by
trademarks, patents and pending patent applications of Radware in
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see: https://www.radware.com/LegalNotice/. All other
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Safe Harbor Statement This press
release may contain statements concerning Radware’s future
prospects that are “forward-looking statements” under the Private
Securities Litigation Reform Act of 1995. Statements preceded by,
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similar expressions or future or conditional verbs such as "will",
"should", "would", "may" and "could" are generally forward-looking
in nature and not historical facts. For example, when we say that
“the cost of attack mitigation continues to rise, so does the
number of organizations under attack”, this is a forward looking
statement. Because such statements deal with future events, they
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Media Contacts:Deborah
SzajngartenRadware201-785-3206deborah.szajngarten@radware.com
Investor Relations:Anat
Earon-Heilborn+972 723917548ir@radware.com
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