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Supply chain vulnerabilities are facilitating a surge in ransomware

October 14, 2024
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New research from OpenText shows that as much as 62% of SMBs have been impacted by a ransomware attack that originated through software supply chain vulnerabilities. This is creating apprehension with businesses, as 90% plan to increase collaboration with software suppliers to try and bolster their security practices.

Weaknesses in supply chains are a significant worry for SMBs, with 91% of respondents concerned about ransomware attacks on their organization’s downstream software supply chain or third-party and connected partners. A staggering 49% are concerned enough to consider vendor changes.

Ransomware remains a serious issue for businesses, with 48% of respondents experiencing an attack, and 73% of those being hit within the last year. This affects SMBs more than large enterprises, but only by a small margin, with 76% of SMBs experiencing a ransomware attack in the past year, versus 70% of large enterprises.

AI in ransomware

Recovery after an attack is a mixed bag. The positive news is that 97% of respondents successfully restored their company’s data, but 46% paid the ransom to do so. The average ransom is rising too, with 31% of those surveyed paying over $1 million.

Research suggests attacks have as much as doubled thanks to AI, and this is reflected in anxieties from SMBs. Over half of all respondents (55%) reported that their company is now more at risk of ransomware thanks to the increased use of AI by threat actors, and 45% have already seen an increase in phishing attacks thanks to AI.

AI is increasingly being used in both cyberattacks and cyberdefence - with the landscape rapidly evolving to accommodate new technologies. AI tools are equipping cybercriminals with new capabilities and methods, making it more difficult for spam filters and antivirus to detect nefarious actors.

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