Radware® (NASDAQ: RDWR), a leading provider of cyber security and
application delivery solutions, today released the findings of its
2019 C-Suite Perspectives: From Defense to Offense,
Executives Turn Information Security Into a Competitive
Advantage report, in which Radware found that
cybersecurity is now recognized as a key business driver by the
C-Suite. Executives that participated in the survey found
that the four main business impacts of a security incident were
customer loss (45%), brand reputation loss (44%) and revenue loss
or operational (32% each). The predominance of cybersecurity as a
business issue extends to the board, with a majority (72%) of
executives reporting information security is an agenda item for
every board meeting.
All of this with good reason, as respondents estimated an
average cost per attack of about $4.6M and the proportion of
respondents estimating that the total cost of cyberattacks to their
organization is more than $10M nearly doubled in frequency from
2018 (7%) to 2019 (13%). At the same time, customers want to
understand what companies have done to secure their products and
services. 75% of executives report that security is a key
part of their marketing messages. 50% of companies surveyed offer
dedicated security products and services to their customers.
Additionally, 41% offer security features as add-ons within their
products and services, and another 7% are considering building
security services into their products.
“Because organizations have spent billions digitally
transforming themselves over the years to create faster, easier and
more numerous access points to their customers, they have also
increased their vulnerability in equal measure,” said Anna
Convery-Pelletier, Chief Marketing Officer at Radware. “This year’s
C-Suite Perspectives report shines a spotlight on increased
sophistication of management philosophy for information security
and security strategy. While responsibility for cybersecurity
continues to be spearheaded by the CIO and CISO, it is also being
shared throughout the entire C-Suite. Security issues now
influence brand reputation, brand trust and consumer trust, which
forces organizations to make a fundamental shift in thinking about
the role of security in customer experience, marketing and business
operations.”
But while the C-Suite has increased its focus on cybersecurity
efforts, companies still have a long way to go to protect
themselves. A majority (70%) of senior executives surveyed in North
America and Europe report their company experienced a cyberattack
in the prior twelve months, and 75% of surveyed participants in
EMEA say their networks are susceptible to cyberattacks.
In addition, Radware’s 2019 C-Suite Perspectives revealed:
- The road to improved security isn’t always
secure. As organizations ramp up their digital
transformation efforts, which often include embracing the public
cloud, 54% of respondents report improving information security is
one of their top three reasons for initiating digital
transformation processes. However, 73% of executives indicate they
have had unauthorized access to their public cloud assets.
- Data breaches are most common in Europe, despite GDPR
regulations. 74% of European executives report they have
experienced a data breach in the past 12 months, compared to 53% in
America and 44% in APAC. Half (52%) of executives in Europe have
experienced a self-reported incident under GDPR in the past
year.
- Bots continue to impact bottom-line business.
Executives are discussing bots in their board management meetings.
53% say they’ve encountered reduced website revenue due to
inventory hold-ups by bots, 51% report bots skewing marketing
analytics, and 36% have talked about abuse of user accounts or
payment information.
- Investments in machine learning & AI are
growing. The majority of respondents (82%) have shifted
more budget into machine learning/AI over the past two years.
This represents a continued focus on automation as just 71% said
the same in 2018. Individual regions report allocating an
average of 37% of their security budget toward AI security systems
(Americas 49%, EMEA 30%, and APAC 31%).
- Customers increasingly take action following a
breach. Following a data breach,
survey participants report an average churn of 30% of
customers. They estimate the average investment to win a
customer back at almost $100,000.
The report provides a detailed analysis of the views and
insights from 263 senior leaders at organizations primarily with
revenue in excess of 1 billion USD/EUR/GBP around the world.
Respondents this year represent the following vertical markets: 30%
financial services, 21% retail/hospitality, 21% telecom/service
provider, 7% manufacturing/distribution, 7% computer
products/services, 6% business services/consulting, and 9%
other.
Methodology:On behalf of Radware, Merrill
Research surveyed 263 executives from across the globe. To
participate in the 2019 C-Suite Perspectives 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. Four in five companies that participated in the survey have
revenue of 1 billion USD/EUR/GBP or more. 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
(94%). Three out of five of the companies in the survey have 1,000
to 9,999 employees, overall averaging about 5,378.
To read the full report on the survey’s findings, download it
here.
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 RadwareRadware® (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.
Radware encourages you to join our community and follow us
on: Facebook, LinkedIn, Radware Blog,
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.
©2019 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
trademarks and names are property of their respective owners.
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. 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
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Commission (SEC) and the other risk factors discussed from time to
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Forward-looking statements speak only as of the date on which they
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date any such statement is made. Radware’s public filings are
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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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