OpenText Cybersecurity 2023 Global Ransomware Survey: Companies Still Don't Believe They are Targets for Ransomware Attacks

Rhea-AI Summary

OpenText™ (NASDAQ: OTEX), (TSX: OTEX) Releases 2023 Cybersecurity Global Ransomware Survey Results, Showing Rise in Cybersecurity Spending and Hiring

Positive

• Cybersecurity spending and hiring are on the rise, indicating increased awareness and prioritization of cybersecurity measures.
• The survey results provide valuable insights into the cybersecurity landscape for both SMBs and enterprises, highlighting the similarities in their perspectives and concerns.

Negative

• None.

Even with this disconnect, cybersecurity spending and hiring are on the rise

WATERLOO, ON, Nov. 15, 2023 /PRNewswire/ -- OpenText™ (NASDAQ: OTEX), (TSX: OTEX), today released results of its annual 2023 OpenText Cybersecurity Global Ransomware Survey. Findings show a similarity in how small-to-medium sized businesses (SMBs) and enterprises (more than 1,000 employees) think about ransomware attacks, including a disconnect about who is a target and growing concern about the use of artificial intelligence (AI) by threat actors. While the majority of organizations don't believe they will be attacked, they do understand the business risks as evidenced by increased security spending and plans to expand security teams.

"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," said Prentiss Donohue, Executive Vice President, OpenText Cybersecurity. "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. Ongoing education of the risks as well as the techniques used to perpetuate an attack is essential to avoid falling victim."

Spotlight findings:

Optimism bias is still prevalent when it comes to ransomware attacks. Almost half of SMBs and enterprises (46% each) have experienced a ransomware attack, yet:

• 65% of SMBs don't think or aren't sure they are a ransomware target; a slight increase from 59% in 2022.
• Surprisingly, more than half (54%) of enterprises also don't think, or aren't sure, they are a ransomware target.

While SMBs and enterprises don't think they are targets, both are still very concerned about ransomware attacks and the use of AI by threat actors.  

• 90% of SMBs are extremely or somewhat concerned about a ransomware attack. This is a slight increase from the previous year's 88%.
• Similarly, most enterprises (87%) are extremely or somewhat concerned about a ransomware attack.
• Over half (54%) of SMBs and enterprises feel more at risk of suffering a ransomware attack from increased AI use by threat actors.

Businesses are still taking threats seriously with plans to increase security budgets and expand security teams.

• More than half (57%) of SMBs plan to increase their security budget in 2024, of these:
  • 40% plan to increase budgets by 5 to 10%
  • 33% plan to increase budgets by 10 to 20%.
• Similarly, 53% of enterprises plan to increase their security budget in 2024, of these:
  • 37% plan to increase budgets by 5 to 10%
  • 31% plan to increase budgets by 10 to 20%.
• 44% of SMBs plan to increase the number of employees working on cybersecurity, of these:
• 50% plan to increase the number of employees working on cybersecurity by 5 to 10%.
• 43% of enterprises plan to increase the number of employees working on cybersecurity, of these:
• Almost half (46%) plan to increase the number of employees working on cybersecurity by 5 to 10%.

Survey Resources Now Available:
To learn more about the findings of the OpenText Cybersecurity 2023 Global Ransomware Survey, view the infographic or read the blog.

Survey Methodology
OpenText Cybersecurity polled 2,016 security, IT professionals, and business leaders from small and medium-sized businesses (SMBs) with up to 1,000 employees, and enterprises with more than 1,000 employees in the United States, the United Kingdom, and Australia from September 27 to October 17, 2023. 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 Cybersecurity
OpenText Cybersecurity provides comprehensive security solutions for companies and partners of all sizes. From prevention, detection and response to recovery, investigation and compliance, our unified/end-to-end platform helps customers build cyber resilience via a holistic security portfolio. Powered by actionable insights from our real-time and contextual threat intelligence, OpenText Cybersecurity customers benefit from high efficacy products, a compliant experience and simplified security to help manage business risk.

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.

Connect with us:
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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 obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Copyright © 2023 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. Third-party products mentioned are owned by the respective third-party and/or its affiliates.

OTEX-G

 

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SOURCE Open Text Corporation

FAQ

What are the key findings of the 2023 OpenText Cybersecurity Global Ransomware Survey?

The survey reveals a rise in cybersecurity spending and hiring, particularly among SMBs and enterprises, indicating a growing focus on cybersecurity measures.

How do SMBs and enterprises differ in their perspectives on cybersecurity?

The survey shows similarities in how SMBs and enterprises think, suggesting a shared understanding of cybersecurity challenges and priorities.

What is the impact of the survey results on cybersecurity measures?

The findings imply an increased awareness and prioritization of cybersecurity, leading to a rise in spending and hiring in this sector.

How does the 2023 OpenText Cybersecurity Global Ransomware Survey reflect industry trends?

The survey aligns with the industry trend of heightened focus on cybersecurity, indicating a growing recognition of the importance of cybersecurity measures.

What does the rise in cybersecurity spending and hiring signify for businesses?

The increase in cybersecurity investment suggests a proactive approach to mitigating cyber threats and protecting sensitive data.

What implications do the survey results have for investors?

Investors may view the rise in cybersecurity spending and hiring as a positive indicator of the sector's growth potential and the increasing demand for cybersecurity solutions.