60 percent of SMBs are not confident of fending off a ransomware attack

Smaller businesses are an attractive target for attackers since they often don't have the same security resources as larger organizations.

A new report from OpenText Security Solutions, based on a survey of over 1,300 security and IT professionals at SMBs, reveals 84 percent are concerned about a ransomware attack impacting their business and 60 percent are not confident they can fend off such an attack.

"SMBs are a sweet spot for hackers to exploit because they often lack cybersecurity resources, both technology and security expertise," says Prentiss Donohue, executive vice president of OpenText Security Solutions. "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."

In addition, 57 percent of SMBs are worried about their cybersecurity budget shrinking amid rising inflation rates, and 52 percent of respondents feel more at risk of suffering a ransomware attack because of heightened geopolitical tensions.

Almost half (46 percent) of SMBs have experienced a ransomware attack, yet 67 percent still don't think or aren't sure if they are a ransomware target.

When it comes to budgets 60 percent spend less than $50,000 per year on cybersecurity, 50 percent spend less than $20,000 per year and only 10 percent spend more than $50,000. Interestingly 58 percent outsource their security to an IT provider or MSP and 65 percent of the SMBs that don't currently use an MSP would consider doing so in the future.

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