Small to medium-sized businesses (SMBs) are worried that geopolitical tensions could exacerbate ransomware threats, according to an OpenText Security Solutions survey of 1,332 security and IT professionals in the United States, the United Kingdom and Australia.

The vast majority (88%) of respondents admitted they are concerned or extremely concerned about an attack impacting their business, while more than half (57%) of SMBs surveyed said they are worried about their cybersecurity budget shrinking due to rising rates of inflation.

Attack, Budget Concerns Worry Small Businesses

However, Grayson Milbourne, security intelligence director at OpenText, said the concern by small businesses regarding geopolitical tensions is misplaced.

“What they should be worried about is ransomware,” he explained. “The war in Ukraine has resulted in many Russian cybercrime groups being doxxed and having their operations disrupted.”

He added that this has proven to be a good thing for SMBs in the short term, as some of the most organized threat actor groups are inactive (at least for now).

“With that said, SMBs continue to be a primary focus and target of ransomware-as-a-service (RaaS) threat actors,” Milbourne said. “It is now more important than ever for SMBs to bolster their security.”

Despite the need to be ready for RaaS attacks, the survey revealed the majority (60%) of respondents are not confident or only somewhat confident that they can fend off a ransomware attack, creating additional motivation for threat actors to target SMBs.

More than two-thirds (67%) of small businesses surveyed said they conducted security awareness training twice a year or less.

Of these SMBs, a little under a third (31%) said they conduct security awareness training just once a year, and one in 10 only if an employee failed a phishing test.

Milbourne said what’s most concerning is that 67% of SMBs don’t think or are not sure if they are a target for ransomware, despite 46% reporting being a victim. 

“These numbers don’t add up; it is this disparity that encourages RaaS to continue focusing on SMBs,” he explained.

From his perspective, it would be obvious if the organization suffered a ransomware attack as the files will be encrypted and a ransom demand would be made.

“I think SMBs struggle to ascertain what steps they should take to defend their environments to make them resilient against ransomware and other cyberattacks,” he said. 

Securing SMBs Against Ransomware

Milbourne pointed out some key steps SMBs must take to defend themselves from ransomware, the first among them being to follow a cybersecurity resilience framework and ensure critical assets have been identified.

“Once those are identified, make sure backups are in place,” he said. “Beyond that, it is important to have a response plan in case you do encounter ransomware. Test response plans to ensure all critical data is accounted for and make changes accordingly.”

He explained that the last thing small businesses want is to scramble after a ransomware attack, as very often the attacker will increase the price of the ransom the longer it takes to pay. 

“Education also plays a big role in prevention,” he added. “Informing users of what to be aware of can go a long way in preventing a human error that often leads to an infection.”

He noted that it’s also important to ensure remote access to internal networks is properly secured. 

This means multi-factor authentication (MFA) and VPNs for all remote access along with audits to ensure users are connecting from expected locations.

Milbourne explained that, for small businesses with limited budgetary and human capital resources, managed service providers can provide a professional IT support team able to solve myriad complex security and operational needs at a fraction of the cost of an internal hire. 

“Having IT infrastructure that’s secure, well-run and streamlined is a serious undertaking, and often requires a strategic partnership to roll out at scale,” he said. “Seeing it as a strategic investment—rather than a problem you may never outrun—is a way to reframe challenges as opportunities.”

He advised SMBs to use their network when selecting an MSP or MSSP, including asking the local chamber of commerce and peers for referrals.

“The best MSPs provide exceptional service and their customers are happy to sing their praises,” Milbourne said. 

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