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After two years of the pandemic and several large-scale vulnerabilities, businesses appear to be returning to cybersecurity basics, according to a recent report by leading international specialist insurer Hiscox, which underwrites a diverse range of personal and commercial insurance risks.

One of the most telling findings in this year’s report is that the cyber-threat is now seen as the dominant risk to business in seven out of eight countries – ahead of the pandemic, economic downturn, skills shortages and other issues, said Gareth Wharton, Cyber CEO, Hiscox.

“Higher Cyber-insurance premiums are one of the immediate consequences of increased cyber attacks on companies and the increased risk associated with these attacks.

“To mitigate risk, get proper cyber-insurance, and negotiate the best value possible by presenting a high-quality cyber resilience plan, companies need to engage with credible cyber-security service providers like Swivel Secure, with proven technology and platforms,” said Carl.

While cybercriminals have long targeted high-value companies, it is clear they are now moving down the food chain. International agencies have recently warned that more mid and small-sized businesses are being targeted.

Companies with revenues of $100,000 to $500,000 can expect as many cyber attacks as those earning $1m to $9m annually.

Yet, while big businesses have been investing ever more in building cyber defences, spending by smaller firms has fallen sharply this year.

That appears to be part of a decline in overall IT spending at the lower end of the corporate spectrum.

Swivel Secure has a rock-solid authentication platform tailored specifically for the needs of smaller and emerging businesses, said Carl.

“We offer the world’s best multi-factor authentication (MFA) solution, integrated with Consumer Identity Access Management (CIAM) and Privileged Access Management (PAM) features.

“AuthControl® Sentry offers SMBs (Small and Medium Businesses) a world-class, cost-effective, robust and flexible cybersecurity platform.”