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Radware Study Reveals That Two Thirds of Respondents Believe Hackers Can Penetrate Their Network

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by October 3, 2018 PRESS RELEASES

While it Takes Most Organizations Hours or Days to Discover Data Breaches, Almost Half of Those Breached Are Likely to Find Out After Information Was Leaked Publicly

MAHWAH, N.J., Oct. 03, 2018 (GLOBE NEWSWIRE) — Radware® (NASDAQ: RDWR), a leading provider of cybersecurity and application delivery solutions, today released findings from its second annual web application security report, Radware 2018 State of Web Application Security. The report shares an in-depth view of the challenges organizations face in protecting web applications and how recent security breaches have affected them in the past year. In fact, it revealed that most organizations (67%) believe hackers can still penetrate their network.

The research focused on global companies and showed a growing frequency and complexity of application-layer attacks. At least 89% of respondents have experienced attacks against web applications or web servers of the past 12 months. In particular, respondents reporting of encrypted web attacks increased from 12% in 2017 to 50% in 2018. Most respondents (59%) reported daily or weekly attacks.

“While organizations are recognizing they are under attack, often they’re discovering the breach only after pertinent information has been leaked,” said Carl Herberger, Vice President of Security Solutions at Radware. “With today’s evolving threat landscape, organizations still need to be vigilant in equipping themselves to deal with increasing attack frequency and complexity.”

Additional key survey findings include:

  • High rate of data collection and sharing creates massive exposure. Organizations with a global presence keep tabs on the data that they collect and share, with about half of respondents saying they only collect customer data for internal use and do not share it. However, 43% of respondents are specifically sharing data about user behavior, preferences and analytics.
  • Data security breaches are high in frequency and complexity. Almost half (46%) of organizations have experienced data security breaches in the last 12 months, and respondents find this type of application layer attack to be the most difficult to both detect and mitigate.
  • The stakes are high for data breaches: As a result of a data breach, 52% of respondents said their customers asked for compensation, 46% reported major reputation loss, 35% reported customer churn, 34% reported a drop in stock price, 31% reported customers took legal action, and 23% said executives were let go.
  • APIs are host to increased vulnerabilities. With 82% of organizations who use API gateways do so to share and/or consume data, however, the data indicates inadequate security measures around APIs. In fact, 70% of respondents do not require authentication from third party APIs, 62% do not encrypt data sent by APIs and a third (33%) allow third parties to perform actions, opening the door to additional threats.
  • Frequent application updates introduce new security concerns. Organizations update applications much more frequently than reported in previous years. In fact, according to Radware’s 2017 survey, 40% of respondents claimed their organization updates applications at least once per week. This year’s results show that approximately one third of all application types are updated on an hourly or daily basis, with about a quarter updated weekly. This increase introduces new concerns about securing applications in a rapidly changing environment.

Methodology
On behalf of Radware, Merrill Research surveyed 301 executives and IT professionals from across the globe.  To participate in Radware’s 2018 State of Application Security research, respondents were required to work for a company with at least 250 million USD/EUR/GBP/RMB in revenue and a worldwide scope.

To read the full report on the survey’s findings, download: Radware 2018 State of Web Application Security.

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.

Radware encourages you to join our community and follow us on: FacebookLinkedInRadware BlogSlideShareTwitterYouTubeRadware 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. 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 Form 20-F, 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 Szajngarten
Radware
201-785-3206
deborah.szajngarten@radware.com

Investor Relations:
Anat Earon-Heilborn
+972 723917548
ir@radware.com

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