SMBs Worried About Tightening Security Budgets Despite Rising Risks

WATERLOO, ON, November 7, 2022 /PRNewswire/ — OpenText™ (NASDAQ:OTEX), (TSX:OTEX), today released the results of the OpenText Security Solutions 2022 Global Ransomware Survey for Small and Medium Businesses (SMB). The results show growing concern about ransomware attacks, the impact of geopolitical tensions and rising inflation rates. Eighty-eight percent of respondents said they were concerned or extremely concerned about an attack affecting their business.

“SMBs are a great place for hackers because they often lack cybersecurity resources, both technology and security expertise,” said Prentiss Donohue, executive vice president, OpenText Security Solutions. “Today’s complex threat landscape poses enormous risk to SMBs that lack sufficient cyber resilience readiness to stop the spread and recover quickly from an attack. With adversaries from increasingly sophisticated and relentless, a multi-layered protection strategy is no longer a good thing to have, it’s a necessity.”

Key results:

SMBs fear tightening security budgets amid growing concern over rising ransomware risks due to heightened geopolitics tensions.

  • More than half (57%) of SMBs are concerned about shrinking cybersecurity budgets in the face of rising inflation rates.
  • Fifty-two percent of respondents feel at higher risk of a ransomware attack due to heightened geopolitical tensions.
  • Eighty-four percent fear a ransomware attack will affect their business.

There is a disturbing lack of awareness among SMBs when it comes to whether they have suffered a ransomware attack. At the same time, budgets for protection against these risks are low.

  • Nearly half (46%) of SMBs have experienced a ransomware attack, but 67% still don’t think or are unsure they are a ransomware target.
  • The majority (60%) of respondents are not confident or only somewhat confident in their ability to fend off a ransomware attack.
  • Although many people have already been attacked, security budgets are minimal to protect against ransomware and other threats:
    • 60% spend less than $50,000 per year.
    • 50% spend less than $20,000 per year.
    • Only 10% spend more than $50,000 per year.

Managed Service Providers (MSPs) are an attractive security option for SMBs to offset resource constraints.

  • More SMBs are outsourcing their security to an IT vendor or MSP, with 58% using external security management support.
  • At the same time, 65% of SMBs that are not currently using an MSP would consider doing so in the future.

Survey resources now available:

To learn more about the results of the OpenText Security Solutions 2022 SMB Ransomware Global Survey, see the infographics or read the Blog.

Survey methodology

OpenText Security Solutions surveyed 1,332 security and IT professionals from small and medium-sized businesses (SMBs), up to 1,000 employees, in United Statesthe UKand Australia of September 24 to October 10, 2022. Respondents represented a range of roles from security and technical employees to C-Suite, and across multiple industries including technology, retail, education, manufacturing, healthcare and more .

About OpenText Security Solutions

As attack surfaces expand, OpenText security solutions help organizations of all sizes achieve cyber resilience with Webroot Security, Carbonite Data Management, BrightCloud® Threat Intelligence, and EnCase Digital Forensics and Threat Response. With a united front of best practices combined with layered solutions, we prevent, detect and restore business operations for small, medium and large enterprises in the event of a cybersecurity attack.

About OpenText
OpenText, The Information Company™, empowers organizations to gain insight through market-leading information management solutions powered by OpenText Cloud Editions. For more information about OpenText (NASDAQ: OTEX, TSX: OTEX), visit opentext.com.

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