90 percent of SMBs fear ransomware but 65 percent don't think they're a target

According to a new report, 90 percent of SMBs are extremely or somewhat concerned about a ransomware attack, yet 65 percent don't think or aren't sure that they're a ransomware target.

The latest Cybersecurity Global Ransomware Survey from OpenText show a similarity in how small-to-medium sized businesses (SMBs) and enterprises (more than 1,000 employees) think about ransomware attacks, including this disconnect about who is a target and growing concern about the use of AI by threat actors.

"The conviction 'it won’t happen to me' is a risky mindset. Cyberattacks have become increasingly common and can have serious consequences; no business is immune to an attack," says Prentiss Donohue, executive vice president at OpenText Cybersecurity. "While many businesses take the right defensive steps like using access controls, deploying backup and monitoring for threats, a layered security approach that includes education remains the best defense against ransomware. Ongoing education of the risks as well as the techniques used to perpetuate an attack is essential to avoid falling victim."

Perhaps surprisingly, 54 percent of enterprises also don't think they are a ransomware target, despite 87 percent being concerned about attacks.

More than half (57 percent) of SMBs plan to increase their security budget in 2024, of these, 40 percent plan to increase budgets by five to 10 percent and 33 percent between 10 to 20 percent.

Similarly, 53 percent of enterprises plan to increase their security budget, with 37 percent planning to increase budgets by five to 10 percent and 31 percent between 10 to 20 percent. In addition 44 percent of SMBs plan to increase the number of employees working on cybersecurity, compared to 43 percent of enterprises.

You can read more on the OpenText blog.

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