The vast majority (83%) of C-level executives expect the changes
they made in the areas of people, processes, and applications as a
response to the COVID-19 pandemic to become permanent (whether
significant or partial), according to data from a new report
published today by Radware® (NASDAQ: RDWR), a leading provider of
cyber security and application delivery solutions.
According to the report, C-Suite Perspectives:
Accelerated Cloud Migration but Lagging
Security, pandemic-driven changes
affected various aspects of business, 44% of executives surveyed
reported a negative impact on budgets, 43% reported a workforce
reduction, while 37% reported reduced real estate footprints.
The pandemic accelerated the migration of business
infrastructure and applications into the cloud. 76% of
companies adopted cloud services faster than they had planned, and
56% of respondents said that the contactless economy-- e-commerce,
on-demand content, video conferencing, etc.--had a positive impact
on their business. The quick migration
helped to maintain business operations but potentially exacerbated
cybersecurity gaps, due to an increased attack surface. 40% of
survey respondents reported an increase in cyberattacks amid the
pandemic. 32% said that they relied on their cloud provider’s
security services to provide security management for their public
cloud assets.
“The transition to remote work and new online contactless
business models is not temporary and is affecting the future
strategy on how organizations invest in cybersecurity,” said Anna
Convery-Pelletier, Chief Marketing Officer at Radware. “Normally,
businesses would make this shift over an extended period of
time. However, the pandemic forced a massive shift to remote
work which is now creating new security challenges.”
“Before the pandemic, digital transformation was a long-term
strategic goal for most businesses,” said Michael O’Malley, Vice
President of Market Strategy for Radware. “On-demand content
consumption, contactless payments, curbside pickups, and remote
workforces are now business imperatives. Executives must revisit
what they’ve implemented to ensure that a lack of cybersecurity
planning does not undermine their goals.”
Other Key Findings Include:
- Shift to remote operations: More than 80% of
respondents said they believed more than 25% of their employees
would work remotely in the future, a sharp contrast to pre-pandemic
work-from-home policies, when only 48% of companies enabled more
than 25% of their employees do so, and 6% did not enable remote
work at all.
- Emergence of new revenue models to support contactless
economy: Roughly two in five respondents from the
retail sector said they made real estate changes - including store
closures. Many retailers faced pressure to adopt practices
that ease the customer experience, such as curbside pickup,
e-commerce, and increased use of contactless payments. More than
any other sector, retailers reported the need to adopt cloud or
hybrid cloud environments to make their networks more resilient,
57% said they plan to host their assets in either a public or
private cloud environment by 2022.
Annually, Radware published the findings and analysis of a
survey of senior executives to better understand the perceptions of
current cybersecurity challenges and opportunities for C-suite
level executives. This year Radware worked with Enterprise
Management Associates, Inc. (EMA) to conduct the global, online
survey of 260 executives in July 2020 with nearly equal
distribution of the respondents from AMER, EMEA and APAC. The
respondents represent a wide range of industries with a minimum
revenue of $250 million and that have 1000-9,999
employees.
For a full copy of the new report, C-Suite Perspectives:
Accelerated Cloud Migration but Lagging, please click here
https://www.radware.com/resources/c-suite-2020.
ABOUT RADWARERadware® (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
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iPhone® and our security center DDoSWarriors.com that provides
a comprehensive analysis on DDoS attack tools, trends and
threats.
©2020 Radware Ltd. All rights reserved. Any 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 includes “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995. Any statements made herein that are not statements of
historical fact, including statements about Radware’s plans,
outlook, beliefs or opinions, are forward-looking statements.
Generally, forward-looking statements may be identified by words
such as “believes,” “expects,” “anticipates,” “intends,”
“estimates,” “plans,” and similar expressions or future or
conditional verbs such as “will,” “should,” “would,” “may” and
“could.” When we say the “C-level executives expect the changes
they made in the areas of people, processes, and applications as a
response to the COVID-19 pandemic to become permanent”, that 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; natural disasters and public health crises, such as the
coronavirus disease 2019 (COVID-19) pandemic; our ability to expand
our operations effectively; timely availability and customer
acceptance of our new and existing solutions; risks and
uncertainties relating to acquisitions or other investments; 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; intense competition
in the market for cyber security and application delivery solutions
and in our industry in general and changes in the competitive
landscape; changes in government regulation; outages, interruptions
or delays in hosting services or our internal network system;
compliance with open source and third-party licenses; the risk that
our intangible assets or goodwill may become impaired; our
dependence on independent distributors to sell our products; long
sales cycles for our solutions; changes in foreign currency
exchange rates; undetected defects or errors in our products or a
failure of our products to protect against malicious attacks; the
availability of components and manufacturing capacity; the ability
of vendors to provide our hardware platforms and components for our
main accessories; our ability to protect our proprietary
technology; intellectual property infringement claims made by third
parties; our ability to attract, train and retain highly qualified
personnel; and other factors and risks over 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, refer to Radware’s Annual Report
on Form 20-F, filed 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
SzajngartenRadware201-785-3206deborah.szajngarten@radware.com
Investor Relations:Anat Earon-Heilborn+972
723917548ir@radware.com
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