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Radware Report Highlights Rise in Ransom Hacks

Untraceable Ransom Payments Can Be a Lucrative Opportunity for Hackers as Cryptocurrencies Increase in Value

MAHWAH, N.J., Jan. 16, 2018 (GLOBE NEWSWIRE) -- Radware® (NASDAQ:RDWR), a leading provider of cyber security and application delivery solutions, has released its 2017-2018 Global Application and Network Security Report, which found that the percentage of companies reporting financially motivated cyber-attacks has doubled over the past two years, with 50% of surveyed companies experiencing a cyber-attack motivated by ransom in the past year. As the value of bitcoin and other cryptocurrencies – often the preferred form of payment among hackers – has appreciated, ransom attacks provide an opportunity for hackers to cash out for lucrative gains months later.

/EIN News/ -- “The rapid adoption of cryptocurrencies and their subsequent rise in price has presented hackers with a clear upside that goes beyond cryptocurrencies’ anonymity,” said Carl Herberger, Vice President of Security Solutions at Radware. “Paying a hacker in these situations not only incentivizes further attacks, but it provides criminals with the vital funds they need to continue their operations.”

The number of companies that reported ransomware attacks in which hackers use malware to encrypt data, systems, and networks until a ransom is paid – surged in the past year, increasing 40% from the 2016 survey. Companies don’t expect this threat to go away in 2018 either. One in four executives (26%) see ransom as the largest threat to their business sector in the coming year.

“Criminals used various exploits and hacks this year to encrypt vital systems, steal intellectual property, and shut down business operations, all with ransom demands attached to these actions,” Herberger said. “Between service disruptions, outages, or IP theft, hackers are leaving businesses reeling, searching for solutions after a hack occurs. As hackers and their methods become increasingly automated, it is now more important than ever for organizations to be proactive in protecting their business.”

Other key findings of the report include:

  • Businesses are most concerned with their data when hit with a cyber-attack. Respondents noted that data leakage was their top business concern, followed by reputation loss and service outages.

  • Despite one in four (24%) businesses reporting cyber-attacks daily or weekly, nearly 80% of surveyed organizations have not come up with a calculation for the cost of attacks, and one in three lack a cyber security emergency response plan.

  • Respondents are not quite sure who is responsible for internet-of-things (IoT) security. When asked who needs to take responsibility for IoT security, there was no clear consensus among security executives. Responses pinned responsibility on the organization managing the network (35% of responses), the manufacturer (34%), and even consumers using these devices (21%).

Radware’s Global Application and Network Security Report, now in its seventh year, is a cross-industry report compiled by Radware’s Emergency Response Team (ERT), leveraging vendor-neutral survey data from 605 IT executives spanning several industries around the globe, Radware’s hands-on experience handling today’s leading threats, as well as third-party service provider commentary. The complete Global Application & Network Security Report 2017-2018, which details 2017’s major attack trends and provides predictions and recommendations from Radware’s ERT for how organizations can best prepare for mitigating cyber threats in 2018, can be downloaded at https://www.radware.com/ert-report-2017/

THIS PRESS RELEASE AND THE REPORT 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 application delivery and cyber security solutions for virtual, cloud and software defined data centers. Its award-winning solutions portfolio delivers service level assurance for business-critical applications, while maximizing IT efficiency. 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. Radware Cloud Security Services provide cloud-based infrastructure protection, application protection and corporate IT protection services to enterprise globally. For more information, please visit www.radware.com.

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©2018 Radware Ltd. All rights reserved. Radware and all other Radware product and service names are registered trademarks or trademarks of Radware in the U.S. and other countries. All other trademarks and names are property of their respective owners. The Radware products and solutions mentioned in this press release are protected by trademarks, patents and pending patent applications. For more details please see: https://www.radware.com/LegalNotice/

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. For example, when we say that we don’t expect ransom attacks to go away in 2018, this is a forward looking statement. 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, as amended, 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.

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