More than a Third of Surveyed

Hyper-Growth Businesses Have Experienced Between 3-5 Cyberattacks

In a recent data analysis, invisible, un-phishable multi-factor authentication (MFA) provider Beyond Identity surveyed more than 1,000 American employees to establish just how vulnerable hyper-growth companies are to security threats, and in particular, the risks posed by poor password techniques. In spite of password breaches being the single most common method for hackers to gain insider access, the report found that hyper-growth companies demonstrated less-secure password storage techniques than standard growth companies. 

As a result of this lax approach to security, hyper-growth companies have regularly faced breaches. More than a third of respondents (35%) admitted their companies have already suffered between three and five cyberattacks, and 20% have experienced even more. As the name suggests, hyper-growth companies have a lot of capital at risk, making them a prime target for attacks. Nevertheless, they appeared more able to secure their funds than standard growth companies, whose losses surpassed more than $100,000 on average. 

Despite this, the report found that 62% of respondents considered their hyper-growth employers to be proactive about online security, while just over half (55%) said they take even the most basic of precautions, like restricting network administrative rights. 

To further credit hyper-growth companies, many began tightening the reins after incurring a security breach. Seventy percent started educating their employees about cybersecurity, and 60% began backing up their data post breach. However, fewer than half of both standard and hyper-growth companies invested in cybersecurity insurance or installed cybersecurity software after the incident. While it’s encouraging to see these companies start to implement security measures, the survey ultimately revealed their insufficiency in keeping their employees and critical data safe. 

To read Beyond Identity’s findings and to learn how to improve your company’s cybersecurity (regardless of your growth model), visit the full study.