According to the report, 84 percent of participants rated the threat from insecure applications as significant.
Despite survey participants rating the threat from insecure applications as significant, a full 20 percent of organizations stated that they took no steps to test for vulnerabilities in their applications. Additionally, respondents stated that on average only 33 percent of their business-critical applications were continuously tested for vulnerabilities.
“The lack of testing for critical applications is mind-boggling, especially since none of the respondents believed that their organizations could prevent more than half of the attacks against vulnerable apps when they get into production,” said Eitan Worcel, Head of HCL AppScan Product Management.
As organizations struggle to address these threats, they estimated that the total economic loss they have incurred in the past 12 months as a result of attacks against their vulnerable applications averaged nearly $12 million. That’s an average of approximately $1 million per month.
Breaking the financial impact down even further, 56 percent of respondents said they experienced total economic losses that exceeded $1 million as a result of attacks against their vulnerable applications, with 3 percent reporting total economic losses that exceeded $100 million.
“Large-scale breaches aren’t surprising, considering that 40 percent of respondents estimate that it takes them more than eight months on average to identify an attack against their vulnerable applications,” said Worcel. “This also emphasizes the importance of a proactive approach such as application security testing.”