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TMCNet:  Survey: C-Suite Executives Expect Changes Made in Response to COVID-19 to Become Permanent

[September 15, 2020]

Survey: C-Suite Executives Expect Changes Made in Response to COVID-19 to Become Permanent

MAHWAH, N.J., Sept. 15, 2020 (GLOBE NEWSWIRE) -- 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 AME, 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 RADWARE
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.

Radware encourages you to join our community and follow us on: FacebookLinkedInRadware BlogTwitterYouTubeRadware Connect app for 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.

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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 Szajngarten
Radware
201-785-3206
deborah.szajngarten@radware.com

Investor Relations:
Anat Earon-Heilborn
+972 723917548
ir@radware.com

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