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Outsourced IT provider here:
90% of businesses have basically zero IT security. Leaked passwords in regular use and no process or verification for password resets. As soon as someone complains that 2FA or password rotation is difficult it gets dropped. Virtually all company data is stored on USB keys, plaintext hard drives and on staff's personal home devices.
The reason they're not constantly having their data stolen is because no-one cares about the companies either.
We have a custom backend website I have to log in for my work. You don't have to use a password, just an email address. The only "security" is it's on a weird URL that people wouldn't likely know if they weren't given it.
Security by obscurity is :(
And yet so, so common