Global leader in the application delivery and cybersecurity industry, Radware, recently released their latest report into the state of security for 2019. The report, titled “The Trust Factor, Cybersecurity’s Role in Sustaining Business Momentum” provides both insights into the current risks in the market and advice on how to plan for attack prevention this year.
According to Radware, the stakes for cyber attacks in 2018 reached new heights, with constant data security incidents appearing on the news. We even experienced the largest DDoS (Distributed Denial of Service) issue we’ve ever seen.
All the while, new regulations were rolled out around the world, including the GDPR strategy that came into effect on the 25th of May last year, transforming the way that companies collect and manage customer data for good.
The Post-Trust Era in 2019
Radware’s study of our current cybersecurity environment suggests that the world is moving into an era of “post-trust.” According to the survey, individuals and businesses alike are growing increasingly uncomfortable with the idea of simply “accepting” promises of security at face value. Consumers, in particular, are beginning to show more caution when deciding whether to share personal information with brands.
Importantly, because effective security strategies play such a significant part in building and maintaining the reputation of modern brands, protecting a business is no longer just the responsibility of the security team. According to Radware, C-Suite executives must be aware of their options too, with many CEOs taking on an extra role as “Chief Trust Officer.”
As business leaders embrace these new responsibilities, Radware says that they need to find a balance between conserving funds and investing in security strategies. After all, this year’s report discovered that the average cost of an attack is at least $1.67 million. What’s more, the researchers found that only 7% of respondents could claim that they hadn’t experienced some kind of attack in 2018.
Defending Against Increasing Attacks
Radware found that the number of companies experience complete outages and service problems due to cyber attacks had increased by 10% this year. As malicious groups discover new ways to shake up business systems with DDoS attacks and malware, two-thirds of respondents said that they had experienced application attacks, and another third said they expect to see more app attacks in 2019. At the same time, DNS and burst attacks increased by 15%, bot attacks increased by 10%, and HTTPs floods grew by 20%.
The good news is that the respondents in the Radware study are aware that they need to take additional steps to protect their assets going forward. However, nearly half of the people Radware spoke to said that they didn’t feel fully prepared to defend themselves against all kinds of impending attacks. Around 86% also said that they’ve begun to explore innovative solutions like artificial intelligence and machine learning to support quicker responses to potential problems.
Security is Crucial in 2019
Despite concerns from some ill-prepared companies in their report, Radware believes that today’s businesses can’t afford to be lax with their security strategies. As cyber attacks become more significant, the cost of a vulnerability in your business is simply too great to not have the right threat prevention system in place. Most companies simply wouldn’t be able to win back the business and reputation points they would lose after an attack.
Radware feels that going forward, companies will need to create a security strategy that’s not explicitly delegated to the IT department, but shared among IT, C-suite employees, and the executive team. This way, organisations can take a more comprehensive approach to investing in customer satisfaction and safety.
