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Saturday, Dec 9, 2023
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Cyber Security

Business owners concerned over ransomware attacks due to geopolitical tensions and inflation: OpenText survey

The survey demonstrates evidence of increasing concerns over ransomware attacks due to geopolitical tensions and rising inflation.

Image via OpenText

OpenText (NASDAQ:OTEX) (TSX:OTEX) released the results of its OpenText Security Solutions 2022 Global Small-Medium Business (SMB) Ransomware Survey.

The survey demonstrates evidence of increasing concerns over ransomware attacks due to geopolitical tensions and rising inflation. More specifically, 88 per cent of respondents to the survey indicated they were either concerned or extremely concerned about the effect an impact may have on their business.

“SMBs are a sweet spot for hackers to exploit because they often lack cybersecurity resources, both technology and security expertise. Today’s complex threat landscape presents a huge risk to SMBs that don’t have sufficient cyber resiliency preparation to stop the spread and recover quickly from an attack. With adversaries becoming increasingly sophisticated and relentless, a multi-layered protection strategy is no longer a nice to have, it is a necessity,” said Prentiss Donohue, executive vice president, OpenText Security Solutions.

OpenText deals in information management solutions using its OpenText Cloud Editions. It also deals in cybersecurity through its OpenText Security Solutions, which help companies protect themselves against cyber-threats using Webroot Security, Carbonite Data Management, BrightCloud Threat Intelligence and EnCase Digital Forensics and Threat Response.

Read more: OpenText reveals top five malware threats for 2022

Read more: Scryb collaborates with Cybeats cybersecurity on cyber risk mitigation platform

Methodology and Security Solutions findings

The company polled 1,332 security and information technology professionals from SMB’s in the United States, UK, and Australia from September 24 to October 10, 2022. Respondents ranged from security and technical employees to the C-suite. The sectors ranged from tech, retail, education, manufacturing and more.

SMBs fear tightening security budgets due to the growing concern of increased ransomware risks because of heightened geopolitical tensions. Specifically, over half (57 per cent) of SMBs worry about their cybersecurity budget shrinking due to rising inflation rates. Also, 52 per cent of respondents feel more at risk of a ransomware attack because of heightened geopolitical tensions. Additionally, 84 per cent are concerned about a ransomware attack impacting their business.

The survey also revealed that many SMGs don’t even know if they’ve suffered a ransomware attack. Nearly half (46 per cent) of SMBs have experienced an attack, and 67 per cent still don’t think or aren’t sure they are a ransomware target. The majority of respondents rate themselves as not confident or somewhat confident they can fend off an attack. Others, despite having experienced an attack, admit to not spending enough to protect against another.

  • 60 per cent spend less than $50,000 per year.
  • 50 per cent spend less than $20,000 per year.
  • Only 10 per cent spend more than $50,000 per year.

Additionally, the survey revealed that managed service providers (MSPs) have an appeal as a security option for SMGs. Fifty eight per cent of SMGs outsource their security to an IT provider. Also, 65 per cent of SMGs that aren’t using a MSP would consider it for the future.


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