Radware Report Highlights Rise in Ransom Hacks
January 16 2018 - 6:00AM
Radware® (NASDAQ:RDWR), a leading provider of cyber security and
application delivery solutions, has released its 2017-2018 Global
Application and Network Security Report, which found that the
percentage of companies reporting financially motivated
cyber-attacks has doubled over the past two years, with 50% of
surveyed companies experiencing a cyber-attack motivated by ransom
in the past year. As the value of bitcoin and other
cryptocurrencies – often the preferred form of payment among
hackers – has appreciated, ransom attacks provide an opportunity
for hackers to cash out for lucrative gains months later.
“The rapid adoption of cryptocurrencies and their subsequent
rise in price has presented hackers with a clear upside that goes
beyond cryptocurrencies’ anonymity,” said Carl Herberger, Vice
President of Security Solutions at Radware. “Paying a hacker in
these situations not only incentivizes further attacks, but it
provides criminals with the vital funds they need to continue their
operations.”
The number of companies that reported ransomware attacks in
which hackers use malware to encrypt data, systems, and networks
until a ransom is paid – surged in the past year, increasing 40%
from the 2016 survey. Companies don’t expect this threat to go away
in 2018 either. One in four executives (26%) see ransom as the
largest threat to their business sector in the coming year.
“Criminals used various exploits and hacks this year to encrypt
vital systems, steal intellectual property, and shut down business
operations, all with ransom demands attached to these actions,”
Herberger said. “Between service disruptions, outages, or IP theft,
hackers are leaving businesses reeling, searching for solutions
after a hack occurs. As hackers and their methods become
increasingly automated, it is now more important than ever for
organizations to be proactive in protecting their business.”
Other key findings of the report include:
- Businesses are most concerned with their data when hit with a
cyber-attack. Respondents noted that data leakage was their top
business concern, followed by reputation loss and service
outages.
- Despite one in four (24%) businesses reporting cyber-attacks
daily or weekly, nearly 80% of surveyed organizations have not come
up with a calculation for the cost of attacks, and one in three
lack a cyber security emergency response plan.
- Respondents are not quite sure who is responsible for
internet-of-things (IoT) security. When asked who
needs to take responsibility for IoT security, there was no clear
consensus among security executives. Responses pinned
responsibility on the organization managing the network (35% of
responses), the manufacturer (34%), and even consumers using these
devices (21%).
Radware’s Global Application and Network Security Report, now in
its seventh year, is a cross-industry report compiled by Radware’s
Emergency Response Team (ERT), leveraging vendor-neutral survey
data from 605 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
2017-2018, which details 2017’s major attack trends and provides
predictions and recommendations from Radware’s ERT for how
organizations can best prepare for mitigating cyber threats in
2018, can be downloaded at
https://www.radware.com/ert-report-2017/
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 application
delivery and cyber security solutions for virtual, cloud and
software defined data centers. Its award-winning solutions
portfolio delivers service level assurance for business-critical
applications, while maximizing IT efficiency. 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. Radware
Cloud Security Services provide cloud-based infrastructure
protection, application protection and corporate IT protection
services to enterprise globally. For more information, please visit
www.radware.com.
Radware encourages you to join our community and follow us on:
Facebook, Google+, LinkedIn, Radware Blog, SlideShare, Twitter,
YouTube, Radware Connect app for iPhone® and our security center
DDoSWarriors.com that provides a comprehensive analysis on
DDoS attack tools, trends and threats.
©2018 Radware Ltd. All rights reserved. Radware and all other
Radware product and service names are registered trademarks or
trademarks of Radware in the U.S. and other countries. All other
trademarks and names are property of their respective owners. The
Radware products and solutions mentioned in this press release are
protected by trademarks, patents and pending patent applications.
For more details please see:
https://www.radware.com/LegalNotice/
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,
followed by, or that otherwise include the words "believes",
"expects", "anticipates", "intends", "estimates", "plans", and
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
we don’t expect ransom attacks to go away in 2018, this is a
forward looking statement. Because such statements deal with future
events, they are subject to various risks and uncertainties and
actual results, expressed or implied by such forward-looking
statements, could differ materially from Radware's current
forecasts and estimates. Factors that could cause or contribute to
such differences include, but are not limited to: the impact of
global economic conditions and volatility of the market for our
products; changes in the competitive landscape; inability to
realize our investment objectives; timely availability and customer
acceptance of our new and existing products; risks and
uncertainties relating to acquisitions; the impact of economic and
political uncertainties and weaknesses in various regions of the
world, including the commencement or escalation of hostilities or
acts of terrorism; Competition in the market for Application
Delivery and Network Security solutions and our industry in general
is intense; and other factors and risks on which we may have little
or no control. This list is intended to identify only certain of
the principal factors that could cause actual results to differ.
For a more detailed description of the risks and uncertainties
affecting Radware, reference is made to Radware’s Annual Report on
Form 20-F, as amended, which is on file with the Securities and
Exchange Commission (SEC) and the other risk factors discussed from
time to time by Radware in reports filed with, or furnished to, the
SEC. Forward-looking statements speak only as of the date on which
they are made and, except as required by applicable law, Radware
undertakes no commitment to revise or update any forward-looking
statement in order to reflect events or circumstances after the
date any such statement is made. Radware’s public filings are
available from the SEC’s website at www.sec.gov or may be obtained
on Radware’s website at www.radware.com.
Media Contacts:Deborah
SzajngartenRadware201-785-3206deborah.szajngarten@radware.com
Investor Relations:Anat
Earon-Heilborn+972 723917548ir@radware.com
RADWARE (NASDAQ:RDWR)
Historical Stock Chart
From Aug 2024 to Sep 2024
RADWARE (NASDAQ:RDWR)
Historical Stock Chart
From Sep 2023 to Sep 2024