Radware Expands AI-Driven Application and Network Protection for a Top 5 Bank in Italy

Rhea-AI Summary

Radware (NASDAQ: RDWR) has expanded its agreement with one of Italy's top 5 banks to provide enhanced cybersecurity solutions. The bank will implement Radware's comprehensive suite including Cloud Application Protection, Cloud DDoS Protection Services, and Alteon application delivery controller with Global Elastic License.

The expansion addresses two key challenges: a 265% surge in Web DDoS attacks globally in H1 2024 compared to H2 2023, and the need to comply with the European Union's Digital Operational Resilience Act (DORA) by January 17, 2025. The solution offers comprehensive protection through web application firewall, bot detection, API protection, and application-layer DDoS protection, combining automation and 24/7 managed services.

Positive

• Secured major contract expansion with a top 5 Italian bank
• Solutions address documented 265% surge in Web DDoS attacks
• Positioned to capitalize on DORA compliance requirements ahead of January 2025 deadline

Negative

• None.

Insights

Cybersecurity Analyst

The expansion deal with a top-5 Italian bank represents a strategic win in the European financial sector, particularly as institutions rush to comply with DORA regulations before the January 2025 deadline. The 265% surge in Web DDoS attacks during H1 2024 validates the urgent need for enhanced security infrastructure in the banking sector.

The most compelling technical aspect is Radware's comprehensive solution stack that includes Cloud Application Protection, DDoS Protection and the Alteon controller with GEL licensing. This integrated approach addresses the specific threat of Web DDoS Tsunami attacks, which are particularly dangerous for banking APIs and web applications. The Global Elastic License model offers important deployment flexibility across hybrid environments - a key differentiator in the competitive cybersecurity market.

The timing of this expansion aligns perfectly with two major market drivers: regulatory compliance pressures and escalating cyber threats. For investors, this suggests potential for similar deals with other European financial institutions facing the same DORA compliance deadline.

Financial Industry Analyst

This deal carries strategic importance beyond its immediate revenue impact. The Italian banking sector, with approximately 3.2 trillion euros in assets, represents a significant market opportunity. Securing a top-5 bank as a reference customer strengthens Radware's position to capture additional market share in European financial services.

The expansion's timing is particularly advantageous given the mandatory DORA compliance deadline. Financial institutions must demonstrate robust operational resilience, creating a time-sensitive demand for cybersecurity solutions. This regulatory catalyst, combined with escalating cyber threats, provides Radware with enhanced pricing power and the potential for accelerated deal closure rates across the European financial sector.

For investors, this deal validates Radware's competitive positioning in high-value enterprise security solutions and suggests potential revenue growth acceleration in 2024-2025 as DORA compliance drives procurement decisions.

Addresses rising Web DDoS attacks and DORA compliance deadline

MAHWAH, N.J., Dec. 19, 2024 (GLOBE NEWSWIRE) -- Radware® (NASDAQ: RDWR), a global leader in application security and delivery solutions for multi-cloud environments, announced it expanded its agreement with one of Italy’s top 5 banks. Based on the agreement, the financial institution will use Radware’s end-to-end suite of network and application security and application delivery solutions. This includes Radware’s Cloud Application Protection and Cloud DDoS Protection Services as well as its Alteon® application delivery controller with its Global Elastic License (GEL).

Today, the multi-channel bank offers a number of banking products and services. These offerings span private and corporate banking, loans, e-banking, and investment services for individuals and business clients.

The bank’s decision to bolster its cyber defenses was motivated by the need to meet growing capacity requirements and protect its infrastructure and applications against a surge in Web DDoS Tsunami attacks, a new aggressive form of HTTPS Flood that targets web applications and APIs. According to Radware’s H1 2024 Global Threat Analysis Report, Web DDoS attacks surged globally 265% during the first six months of this year compared to the second half of 2023.

The expansion of security services was also driven by stricter and changing regulatory controls. This includes the enforcement of the European Union’s new Digital Operational Resilience Act (DORA). The new regulation requires financial institutions and the third-party service providers that support them to advance their cybersecurity and operational processes by January 17, 2025, when enforcement begins.

“With the race to comply with new regulations and rise in Web DDoS attacks, many financial institutions are under pressure to reassess their cybersecurity frameworks and shore up their security measures,” said Yoav Gazelle, Radware’s chief business officer. “Those who act early will be in the best position to manage these changes and protect their vital services. Radware’s AI-driven cloud security solutions are built to strengthen operational resilience and security postures by helping organizations automatically identify, mitigate, and adapt to evolving threats and disruptions.”

Radware's Cloud Application Protection Services provide comprehensive, agnostic application protection through the company’s web application firewall (WAF), bot detection and management, API protection, client-side protection, and application-layer DDoS protection. Combining end-to-end automation, behavioral-based detection, and 24/7 managed services, the solution is designed to offer organizations the highest level of application protection with the lowest level of false positives. 

Radware’s Alteon application delivery controller offers comprehensive application protection via embedded web application firewall, bot management and API protection capabilities. It is designed to defend against a wide range of threats, including OWASP vulnerabilities, bad bots, zero-day and supply chain attacks, and API assaults. Accompanied by Radware’s GEL, companies can allocate their application security services across any private or public cloud environment at a moment’s notice, without jeopardizing their initial investment.

Radware has received numerous awards and recognitions for its application and network security solutions from a number of industry analysts, including Aite-Novarica Group, Gartner, GigaOm, KuppingerCole, and QKS Group.

About Radware
Radware® (NASDAQ: RDWR) is a global leader in application security and delivery solutions for multi-cloud environments. The company’s cloud application, infrastructure, and API security solutions use AI-driven algorithms for precise, hands-free, real-time protection from the most sophisticated web, application, and DDoS attacks, API abuse, and bad bots. Enterprises and carriers worldwide rely on Radware’s solutions to address evolving cybersecurity challenges and protect their brands and business operations while reducing costs. For more information, please visit the Radware website.

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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 in this press release that our solutions help organizations automatically identify, mitigate, and adapt to evolving threats and disruptions, we are using forward-looking statements. 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, including as a result of the state of war declared in Israel in October 2023 and instability in the Middle East, the war in Ukraine, and the tensions between China and Taiwan; our dependence on independent distributors to sell our products; our ability to manage our anticipated growth effectively; 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; the ability of vendors to provide our hardware platforms and components for the manufacture of our products; our ability to attract, train, and retain highly qualified personnel; intense competition in the market for cyber security and application delivery solutions and in our industry in general, and changes in the competitive landscape; our ability to develop new solutions and enhance existing solutions; the impact to our reputation and business in the event of real or perceived shortcomings, defects, or vulnerabilities in our solutions, if our end-users experience security breaches, if our information technology systems and data, or those of our service providers and other contractors, are compromised by cyber-attackers or other malicious actors or by a critical system failure; outages, interruptions, or delays in hosting services; the risks associated with our global operations, such as difficulties and costs of staffing and managing foreign operations, compliance costs arising from host country laws or regulations, partial or total expropriation, export duties and quotas, local tax exposure, economic or political instability, including as a result of insurrection, war, natural disasters, and major environmental, climate, or public health concerns, such as the COVID-19 pandemic; our net losses in the past two years and possibility we may incur losses in the future; a slowdown in the growth of the cyber security and application delivery solutions market or in the development of the market for our cloud-based solutions; long sales cycles for our solutions; risks and uncertainties relating to acquisitions or other investments; risks associated with doing business in countries with a history of corruption or with foreign governments; changes in foreign currency exchange rates; risks associated with undetected defects or errors in our products; our ability to protect our proprietary technology; intellectual property infringement claims made by third parties; laws, regulations, and industry standards affecting our business; compliance with open source and third-party licenses; 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 Contact:
Gerri Dyrek
Radware
Gerri.Dyrek@radware.com

FAQ

What security solutions did Radware (RDWR) provide to the Italian bank in December 2024?

Radware provided Cloud Application Protection, Cloud DDoS Protection Services, and Alteon application delivery controller with Global Elastic License (GEL) to the Italian bank.

How much did Web DDoS attacks increase in H1 2024 according to Radware's report?

According to Radware's H1 2024 Global Threat Analysis Report, Web DDoS attacks increased by 265% compared to the second half of 2023.

When is the DORA compliance deadline that Radware (RDWR) is helping banks meet?

The European Union's Digital Operational Resilience Act (DORA) enforcement begins on January 17, 2025.

What specific protection features does Radware's Cloud Application Protection Services include?

It includes web application firewall (WAF), bot detection and management, API protection, client-side protection, and application-layer DDoS protection with 24/7 managed services.