February 8, 2023
CyberSecurity

Nearly 70% of SMBs don’t think or aren’t sure they are ransomware target

SMBs remaining indifferent to cyberattacks

Canada-based information management company OpenText released a global ransomware survey of small and medium businesses (SMBs). The survey has underscored a concerning lack of awareness among businesses with respect to ransomware attacks. According to the 1,332 security and IT professionals from small and medium-sized businesses (SMBs) surveyed, 67 per cent of respondents don’t think or aren’t sure they are a ransomware target even as 46 per cent said they have experienced a ransomware attack.

Ransomware is essentially a malware that doesn’t allow the user to access files on their computer. It encrypts the files and demands a ransom payment for the decryption key. The survey undertaken between September 24 and October 10, 2022, noted that while 84 per cent of respondents said they are concerned about a ransomware attack impacting their business, 60 per cent maintained they are not confident or only somewhat confident that they can fend off a ransomware attack.

SMBs FACING CYBERATTACKS
Image Source- SME Channels

The survey showed SMBs fearing tightening security budgets amid growing concern about increased ransomware risks due to heightened geopolitical tensions. 57 per cent said they are worried about their cybersecurity budget shrinking amid rising inflation rates. Among respondents, 60 per cent spend less than $50,000 per year while 50 per cent spend less than $20,000 per year and only 10 per cent spend more than $50,000 per year. 52 per cent of respondents said they feel more at risk of suffering a ransomware attack because of heightened geopolitical tensions.

“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,” he added.

SMBs have always remained indifferent towards cyberattacks. That is why they have been an easy target for attackers digitally . In fact, a report by the cybersecurity company NordLocker in September this year noted that India is among the top countries hit by ransomware attacks with more than half of such attacks targeted at the country’s small businesses. The report claimed that the top five sectors prone to cyber-attacks were IT, manufacturing, consumer services, finance, and energy.

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