WATERLOO, ON, Nov. 7, 2022 /PRNewswire/ — OpenText™ (NASDAQ: OTEX),
(TSX: OTEX), today released results of the OpenText Security Solutions
2022 Global Small-Medium Business (SMB) Ransomware Survey. Findings show
growing concern about ransomware attacks, the impact of geopolitical
tensions, and rising inflation rates. Eighty-eight percent of respondents
noted they are concerned or extremely concerned about an attack
impacting their business.
“SMBs are a sweet spot for hackers to exploit 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 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.”
Spotlight findings:
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.
- Fifty-two percent of respondents feel more at risk of suffering a ransomware attack because of heightened geopolitical tensions.
- Eighty-four percent are concerned about a ransomware attack impacting their business.
There’s a concerning 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. - The majority (60%) of respondents are not confident or only somewhat confident that they can fend off a ransomware attack.
- Despite many having experienced an attack before, 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 appealing security option for SMBs to offset resource constraints.
- More SMBs outsource their security to an IT provider or MSP than not, with 58% using external security management support.
- Concurrently, 65% of SMBs that don’t currently use a MSP would consider doing so in the future.
Survey Resources Now Available:
To learn more about the findings of the OpenText Security Solutions 2022 Global SMB Ransomware Survey, view the infographic (PDF) or read the blog.
Survey Methodology
OpenText Security Solutions polled 1,332 security and IT
professionals from small and medium-sized businesses (SMBs), up to 1,000
employees, in the United States, the United Kingdom, and Australia from September 24 to October 10, 2022.
Respondents represented a range of roles from security and technical
employees to the 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 every size 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 paired with layered solutions, we prevent, detect, and
restore small, mid-sized and enterprise business operations in the event
of a cybersecurity attack.
About OpenText
OpenText, The Information
Company™, enables 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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Certain
statements in this press release may contain words considered
forward-looking statements or information under applicable securities
laws. These statements are based on OpenText’s current expectations,
estimates, forecasts and projections about the operating environment,
economies and markets in which the company operates. These statements
are subject to important assumptions, risks and uncertainties that are
difficult to predict, and the actual outcome may be materially
different. OpenText’s assumptions, although considered reasonable by the
company at the date of this press release, may prove to be inaccurate
and consequently its actual results could differ materially from the
expectations set out herein. For additional information with respect to
risks and other factors which could occur, see OpenText’s Annual Report
on Form 10-K, Quarterly Reports on Form 10-Q and other securities
filings with the SEC and other securities regulators. Unless otherwise
required by applicable securities laws, OpenText disclaims any intention
or obligations to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
Copyright
© 2022 OpenText. All Rights Reserved. Trademarks owned by OpenText. One
or more patents may cover this product(s). For more information, please
visit https://www.opentext.com/patents.
SOURCE: Open Text Corporation
