Businesses are more worried about ransomware attacks than ever - but they still don't think it'll happen to them

Businesses both small and large don't seem to think they'll fall prey to ransomware attacks, but at the same time both are very concerned about the impact and development of such attacks. 

In a survey from OpenText, the majority of both SMBs and enterprises (defined as having over 1,000 staff) didn't think or weren't sure they were ransomware targets. However, somewhat contrarily, 90% of SMBs and 87% of enterprises are also extremely or somewhat concerned about ransomware attacks.

Over half (54%) of both SMBs and enterprises also said they felt more at risk from ransomware attacks thanks to AI being use by threat actors to enhance their effectiveness. In response, 57% of SMBs and 53% of enterprises plan to increase their cybersecurity budgets next year.

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Increase in spending and staff

Of the SMBs planning to increase budgets, 40% aim to up their spending by 5-10%, while 33% are aiming for a 10-20% increase. Similar figures applied to enterprises as well.

44% of SMBs also plan have more cybersecurity workers, with 50% wanting to increase their headcount by 5-10%. 43% of enterprises also wanted to increase their number of cybersecurity employees, with 46% wanting a 5-10% increase in staff. 

Currently, 52% of SMBs outsource their cybersecurity to an MSP or channel provider, whereas 42% of enterprises do the same - except this number is on the rise for these firms. 

Commenting on the survey's findings, Executive VP for OpenText Cybersecurity, Prentiss Donohue, said, "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."

He added, "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."

Judging by the increase of in the number and sophistication of ransomware attacks this year, in part thanks to AI, it seems that firms are right to be concerned. 

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