A majority of executives have paid a hacker’s ransom following a cyber attack, according to Radware’s 2018 Executive Application and Network Security Report.
Radware, a provider of cybersecurity and application delivery solutions based in Mahwah, reported 53 percent of executives it surveyed have paid ransom following a breach.
“A ransom payment may make the problem go away for now, but these types of responses won’t drive a business forward,” said Anna Convery-Pelletier, chief marketing officer at Radware. “A reactionary security strategy limits an organization’s ability to secure customer data, protect their brand’s reputation, and achieve business goals. Investing in appropriate security solutions is no longer simply an IT expense, it is fundamental to a business’ long term success.”
The report found that about two-thirds of executives (69 percent) said their company faced a ransom attack in the past year, compared to only 14 percent who said it happened in 2016.
In terms of confidence, cyber security measures for these executives’ companies aren’t in the best of shape, with 66 percent of executives reporting a lack of confidence in their network security.
Organizations are also facing significant consequences when a breach happens, especially in terms of their consumer confidence, with 41 percent of executives reporting their organization faced legal action from a customer following a breach.
Implementing tools would improve a company’s cyber presence, but only one in three (35 percent) of executives reported encrypted attacks would be detrimental to their organization.
These findings were produced by Merrill Research, on behalf of Radware, which surveyed 232 executives throughout the world. To participate in the survey, respondents were required to hold a title of senior vice president or higher and be a company with at least 250 million USD/EUR/GPB/RMB in revenue.
To access the full report, click here.