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92% of companies state they have a plan in place to adequately protect APIs from cyberattacks; yet 62% admit a third or more of APIs are undocumented

MAHWAH, N.J., June 16, 2022 (GLOBE NEWSWIRE) — Radware® (NASDAQ: RDWR), a leading provider of cyber security and application delivery solutions, today released its 2022 State of API Security report. The survey, which was conducted with Enterprise Management Associates, revealed a false sense of security among organizations when it comes to API protection. The survey includes responses from chief information officers, chief technology officers, vice presidents of IT, and IT directors from global organizations across North America, EMEA, and APAC.

According to the survey, API usage is on the rise. Ninety-two percent (92%) of the organizations surveyed have significantly or somewhat increased their API usage with 59% already running most of their applications in the cloud. Additionally, almost 97% of organizations use APIs for communications between workloads and systems, highlighting the growing reliance on APIs in day-to-day business operations.

The real and underestimated threat of undocumented APIs
While 92% of those surveyed believe they have adequate protection for their APIs and 70% believe they have visibility into applications that are processing sensitive data, 62% admit a third or more of APIs are undocumented. Undocumented APIs leave organizations vulnerable to cyber threats, such as database exposures, data breaches, and scraping attacks.

“For many companies, there is unequivocally a false sense of security that they are adequately protected from cyberattacks. In reality, they have significant gaps in the protection around unknown and undocumented APIs,” said Gabi Malka, Radware’s chief operations officer and head of research and development. “API security is not a ‘trend’ that is going away. APIs are a fundamental component to most of the current technologies and securing them must be a priority for every organization.”

Bot attacks remain a threat along with misperceptions about API protection
Nearly one third of companies (32%) surveyed stated automated bot attacks are one of the most common threats to APIs. In terms of detecting an API attack, 29% say they rely on alerts from an API gateway and 21% rely on web application firewalls (WAF).

Malka continued, “The survey data indicates that API protection is not keeping up with API usage. Many organizations are basing their API security strategies on false assumptions — for example that API gateways and traditional WAFs offer sufficient protection. This leaves APIs vulnerable and exposed to common threats, like bot attacks. A comprehensive API protection solution, that includes bot protection, will address these threats. But very few respondents indicated that they had solutions that actually did or even had the capability to provide effective security. Enterprise protection is only as strong as its weakest link.”

API attacks are flying under the radar
Half of companies surveyed viewed their existing tools as only somewhat or minimally effective at protecting their APIs, with 7% reporting that the solutions they have in place did not identify any attacks at all. The inability of the existing tools to adequately protect APIs from common threats further adds to the false security narrative.

Open source contributes to the security myth
Sixty-five percent (65%) of respondents believe that open-source code is more secure than proprietary code and nearly 74% believe that container-based deployments and microservice architectures are more secure than monolithic architectures and deployments by default.

According to Malka, “The belief that open source is more secure by design could explain why some organizations are lax when it comes to patch management. Yet, as we have seen with Log4j and Heartbleed, open source can have the same security flaws as proprietary code. Believing that open source is inherently more secure by default only further contributes to the false narrative that leaves organizations vulnerable to cyber-attacks.”

The full report can be found on Radware’s website.

Notes to editors:
METHODOLOGY
In this exclusive research study conducted for Radware, Enterprise Management Associates polled 203 individuals in Europe, Asia, and North America, representing organizations of 1,000 employees or more from more than ten different industry verticals. The majority of those surveyed are either in executive or senior management roles.

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 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 the Radware website.

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THIS PRESS RELEASE AND THE 2022 STATE OF API SECURITY 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.

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Safe Harbor Statement
This press release 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.” For example, when we say that API security is not a ‘trend’ that is going away, we are using 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; a shortage of components or manufacturing capacity could cause a delay in our ability to fulfill orders or increase our manufacturing costs; our business may be affected by sanctions, export controls, and similar measures, targeting Russia and other countries and territories, as well as other responses to Russia’s military conflict in Ukraine, including indefinite suspension of operations in Russia and dealings with Russian entities by many multi-national businesses across a variety of industries; our ability to successfully implement our strategic initiative to accelerate our cloud business; 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; changes in tax laws; our ability to realize our investment objectives for our cash and liquid investments; 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:
Gerri Dyrek
Radware
[email protected]

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