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Cybersecurity spending surges amid AI threat concerns

EditorNikhilesh Pawar
Published 2023-11-15, 10:52 a/m
Updated 2023-11-15, 10:52 a/m
© Reuters.

WATERLOO, Canada - OpenText, a global leader in information management, released its annual Cybersecurity Global Ransomware Survey today, revealing significant trends in cybersecurity among small and medium-sized businesses (SMBs) and enterprises. The survey, which included responses from security and IT professionals as well as business leaders, highlighted a stark disconnect in perception versus reality regarding ransomware threats.

Despite many businesses not considering themselves potential targets for ransomware attacks—65% of SMBs and 54% of enterprises—the majority express deep concerns about such threats. In fact, 90% of SMBs and 87% of enterprises reported being extremely or somewhat worried about the risk of ransomware attacks. This anxiety is compounded by the increased use of artificial intelligence (AI) by threat actors, with over half (54%) feeling more vulnerable as a result.

In response to these growing concerns, companies are ramping up their defenses. The survey indicated that there will be significant increases in cybersecurity budgets for the year 2024, with 57% of SMBs and 53% of enterprises planning to enhance their cybersecurity spending by 5 to 20%. Additionally, to bolster their security posture against sophisticated cyber threats, around 44% of SMBs and 43% of enterprises are looking to expand their cybersecurity teams.

OpenText's Executive Vice President, Prentiss Donohue, stressed the importance of ongoing education to help businesses understand the evolving landscape of risks and attack techniques. He highlighted that despite an "optimism bias," it is crucial for organizations to acknowledge the severity of the threat landscape.

To aid businesses in their efforts to build cyber resilience, OpenText offers a unified security platform powered by real-time threat intelligence. This platform is part of a strategic approach to help organizations prepare for and respond to cybersecurity challenges effectively.

Today's findings underscore the urgent need for companies to adapt to the changing tactics of cybercriminals, particularly as they harness AI to carry out attacks. The increase in spending and hiring within the cybersecurity sector points to a growing awareness among businesses that no organization is immune to cyber threats. As such, investing in robust cybersecurity measures and skilled personnel is becoming an essential aspect of corporate strategy for SMBs and enterprises alike.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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