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, healthcare 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 found 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.

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