A Beyond Identity survey showed that hyper-growth companies, or firms that have annual growth rates exceeding 40%, had increased odds of taking a proactive approach on cybersecurity and tackling the value of security, compared with those that experienced standard growth, TechRepublic
While hyper-growth firms were significantly more likely to leverage password managers and require frequent password replacements, such organizations continued to face more frequent breaches. However, such organizations only lost $20,000 to $25,000 per attack on average, compared with $34,000 to $119,000 for slower growth firms, which may be due to hyper-growth firms' increased odds of cyber insurance investments and a security-focused culture.
The report also revealed that 70% and 60% of those experiencing hyper-growth conducted post-breach employee cybersecurity programs and performed data backups, compared with only 45% and 47% of standard growth firms, respectively.
"Companies should not wait until a breach occurs to implement safety protocols; however, this is often the reality," said the report.