Radware® (NASDAQ:RDWR), a leading provider of cyber security and
application delivery solutions, released its
2018 Executive
Application and Network Security Report. For the first
time in the survey’s five-year history, a majority of executives
(53%) reported paying a hacker’s ransom following a cyber-attack.
This comes as technology and privacy concerns present greater
challenges in improving overall security posture.
“A ransom payment may make the problem go away for now, but
these types of responses won’t drive a business forward,” said Anna
Convery-Pelletier, Chief Marketing Officer at Radware. “A
reactionary security strategy limits an organization’s ability to
secure customer data, protect their brand’s reputation, and achieve
business goals. Investing in appropriate security solutions is no
longer simply an IT expense, it is fundamental to a business’ long
term success.”
According to the report, 69% of executives said that their
company faced a ransom attack in the past year, compared with only
14% noting so in 2016. Meanwhile, two-thirds of executives (66%)
report a lack of confidence in their network security, admitting
their networks are penetrable by hackers.
Beyond more frequent ransom payments, organizations are facing
significant consequences and concerns related to cyber-attacks. In
a sign that consumers will not accept data breaches, 41% of
executives noted their organization faced legal action from
customers following a breach. At the same time, executives stated
that their biggest concerns associated with cyber-attacks are
customer loss (41%) and brand reputation loss (34%).
In the midst of all this, organizations still struggle to
implement tools that would drastically improve their cybersecurity
posture. While more than one in three (35%) executives noted that
encrypted attacks would be detrimental to their organization, 41%
reported that they continue to review the legalities of decrypting
traffic on their network, a process needed to significantly reduce
the threat of encrypted threats.
In addition, Radware’s 2018 Executive Application & Network
Security Report revealed:
Have we reached an automation tipping point?
The complexity of networks and changing attack vectors have led
companies to invest in automated and machine-learning security
tools. Over the past two years, 71% of executives report shifting
network security spending to investments in automated security.
Gaps between clouds create major security risk.
More than 90% of executives report using multiple public and
private cloud environments as part of their companies’ IT
infrastructure, and most companies host up to 50% of their business
applications in the cloud. C-suite executives clearly understand
that dispersing their network across multiple public and private
clouds introduces security risks however. The vast majority of
respondents (96%) are very or somewhat concerned about network
vulnerabilities created by using multiple clouds.
“Businesses are trying to increase operational efficiency by
moving to cloud infrastructure,” continued Convery-Pelletier.
“Spreading apps across the cloud can increase network agility,
improve scalability, and manage cost. However, most organizations
only secure the individual cloud environments, and without looking
at securing the network as a whole, they create gaps between the
clouds.”
Executives reveal their most detrimental security
threats: 38% of executives report daily or weekly attacks.
Executives feared social engineering (38%), Ransomware (38%) and
Malware (37%) as the most detrimental to their business, followed
closely by IoT botnet powered DDoS attacks (35%), and Encrypted
(35%) attacks.
Nation state attacks motivate security upgrades for
American organizations. U.S. executives in particular were
more likely than their peers in EMEA and APAC to say that attacks
by nation-states have influenced security changes. More than half
of U.S. executives pointed to nation-state threats as a motivator,
while just 30% in the APAC region, and 41% in the EMEA region said
so.
Companies react when peers are attacked.
Approximately 61% of executives said that watching attacks on peer
companies influenced their decision to change security policy.
Almost as many, 59%, said attacks on their own organizations had
prompted changes in their security posture.
The report provides a detailed analysis of the views and
insights from more than 200 senior leaders at organizations across
the globe. To read the full report on the survey’s findings,
download it here.
Methodology:
On behalf of Radware, Merrill Research surveyed 232 executives
from across the globe. To participate in the 2018 Executive
Application & Network Security respondents were required to be
a company with at least 250 million USD/EUR/GBP/RMB in revenue and
hold a title of senior vice president level or higher. By design,
the survey required at least half respondents to be C-level
executives, though this year’s research attracted far more C-level
corporate leaders. About half of the companies in the survey have
1,000 to 9,999 employees, averaging about 3,700. American
respondents skewed highest in average number of employees at nearly
4,300.
THIS PRESS RELEASE REPORT AND SURVEY 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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center DDoSWarriors.com that provides a comprehensive
analysis on DDoS attack tools, trends and threats.
©2018 Radware Ltd. All rights reserved. The Radware products and
solutions mentioned in this press release are protected by
trademarks, patents and pending patent applications of Radware in
the U.S. and other countries. For more details please
see: https://www.radware.com/LegalNotice/. All other
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press release may contain statements concerning Radware’s future
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Securities Litigation Reform Act of 1995. Statements preceded by,
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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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