06/18/2019 | Press release | Distributed by Public on 06/18/2019 05:03
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 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.
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.
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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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