Beyond Identity Study Shows the Self-Imposed Risks Hyper-Growth Businesses Are Taking With Cybersecurity

• In Spite of Massive Financial Success, Hyper-Growth Companies are Overwhelmingly Lax With Security

In a recent data analysis, invisible, un-phishable multi-factor authentication (MFA) provider Beyond Identity surveyed more than 1,000 American employees and discovered just how vulnerable hyper-growth companies are to security threats. According to the study, only 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.

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Cybersecurity health faltered even more when Beyond Identity began evaluating the employers’ password tactics. In spite of password breaches being the single most common method for hackers to gain insider access, 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.

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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. 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 inherent insufficiency in keeping their employees and critical data safe.

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