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Cybersecurity is top concern for small biz leaders

Written on Dec 2, 2022

Small business leaders are revealing growing concern about ransomware attacks, the impact of geopolitical tensions and rising inflation rates. 

The OpenText Security Solutions 2022 Global Small-Medium Business (SMB) Ransomware Survey polled 1,332 security and IT professionals from small and medium-sized businesses (SMBs) across multiple industries including technology, retail, education, manufacturing health care and more. 

Eighty-eight percent of respondents noted they are concerned or extremely concerned about a cyberattack impacting their business. SMBs fear tightening security budgets amid growing concern of increased ransomware risks due to heightened geopolitical tensions. More than half (57%) of SMBs are worried about their cybersecurity budget shrinking amid rising inflation rates. What's more, 52% of respondents feel more at risk of suffering a ransomware attack because of heightened geopolitical tensions. 

The study also revealed a lack of awareness among SMBs when it comes to knowing if they've suffered a ransomware attack. Meanwhile, budgets to protect against these risks are low. Nearly half (46%) of SMBs have experienced a ransomware attack, yet 67% still don't think or aren't sure they are a ransomware target. When it comes to incident response, 60% of respondents are not confident or only somewhat confident that they can fend off a ransomware attack.