- Cybersecurity is Becoming a Shared Responsibility Across All Members of the C-Suite
- 75% of Executives Say Security is a Key Component in Their Marketing Strategy
- 72% of Executives Note Information Security as a Recurring Agenda Item in Every Board Meeting
MAHWAH, N.J., June 18, 2019 (GLOBE NEWSWIRE) -- 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 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: 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 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