OpenText Survey Reveals Optimism Bias in Perceptions of Business Ransomware Threat

According to a new survey by OpenText’s 2023 Cybersecurity Global Ransomware Survey, there is a significant optimism bias among businesses when it comes to their vulnerability to ransomware attacks. Despite nearly half of small-to-medium sized businesses (SMBs) and enterprises experiencing such attacks, a substantial portion still believes they are unlikely targets.

The survey revealed a perception gap among businesses concerning ransomware threats, with 65% of SMBs and 54% of larger enterprises considering themselves at low risk or unsure about their susceptibility, despite 46% having already faced ransomware attacks.

One of the key findings of the survey is the escalating concern over the role of artificial intelligence (AI) in cybersecurity threats. A significant 54% of businesses, including both SMBs and enterprises, expressed heightened anxiety about the potential for increased ransomware attacks due to the advancement of AI technologies in cybercrime.

Despite the prevalent optimism bias, businesses are not entirely complacent. The data shows that 57% of SMBs and 53% of enterprises plan to augment their security budgets in 2024, and 44% of SMBs and 43% of enterprises also intend to expand their cybersecurity workforce.

Prentiss Donohue, Executive Vice President, OpenText Cybersecurity, emphasized the dangers of complacency and the importance of ongoing education about ransomware risks and techniques used in attacks to avoid falling victim.

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