Asian SMEs overconfident about cyber risk: survey

Asian SMEs overconfident about cyber risk: survey

Asian SMEs overconfident about cyber risk: survey

The majority of small and medium-sized businesses (SMEs) in Asia-Pacific believe they are in a better position than larger companies to deal with cyber risk, despite having a larger exposure to the risk and fewer resources to manage the exposure. The potential perception gap was uncovered in a survey by insurer Chubb of 1,000 SMEs in the region’s three most-developed…

The SingHealth cyberattack and the implications for financial institutions

The SingHealth cyberattack and the implications for financial institutions

The SingHealth cyberattack and the implications for financial institutions

In July 2018, news emerged that between 27 June and 4 July, hackers had infiltrated the IT systems of Singapore Health Services (SingHealth), the largest healthcare group in Singapore. The hackers illegally accessed and copied the non-medical personal particulars of 1,495,367 patients to servers hosted overseas. Approximately 159,000 of the affected group, including Prime Minister Lee Hsien Loong and several…

Asia-Pacific holds key to future insurance growth: EY

Asia-Pacific holds key to future insurance growth: EY

Asia-Pacific holds key to future insurance growth: EY

A willingness to experiment and embrace disruption among Asia-Pacific insurers holds the key to the industry’s future, according to a recently released report from consultant EY. Its insurance outlook for 2019 report reveals that both the life and non-life sectors are growing in the region, against a backdrop of weak growth in insurance markets globally. While the life sector has…

GDP at risk from cyberattack in largest cities rises 9% in one year

GDP at risk from cyberattack in largest cities rises 9% in one year

GDP at risk from cyberattack in largest cities rises 9% in one year

The amount of GDP at risk from cyberattack in the world’s largest cities has risen nearly 9% during the past year to $39.7bn, according to the 2019 Global Risk Index from the Centre for Risk Studies at the Cambridge Judge Business School. This has pushed cyber risk up one place in the ranking to sixth…

APAC banks’ digital plans slowed by cyber risk

APAC banks’ digital plans slowed by cyber risk

APAC banks’ digital plans slowed by cyber risk

The risk of cyberattacks is slowing the implementation of Asia-Pacific financial institutions’ digital transformation plans, according to new research. A report based on a survey carried out by Microsoft and research firm Frost & Sullivan, Understanding the Cybersecurity Threat Landscape in Asia-Pacific: Securing the Modern Enterprise in a Digital World, reveals that almost two thirds (63%) of financial institutions have…

Cyberattacks biggest business risk across east Asia and the Pacific

Cyberattacks biggest business risk across east Asia and the Pacific

Cyberattacks biggest business risk across east Asia and the Pacific

The risk of a cyberattack is the biggest concern among business leaders in east Asia and the Pacific, according to the Regional Risks for Doing Business report from the World Economic Forum (WEF). The prominence of cyber risk reflects the rapid pace of digitalisation and the increasing sophistication of the region’s economies, according to the report. Southeast Asia also boasts…

Lloyd’s China suffers 30% drop in premiums

Lloyd’s China suffers 30% drop in premiums

Lloyd’s China suffers 30% drop in premiums

The value of premiums written on the Lloyd’s China platform has dropped by 30% during the past year, as a number of syndicates have withdrawn from the Chinese market citing unfavourable terms and conditions. Written premiums in H1 2018 reached £89m, down from £126m in H1 2017 and Lloyd’s has blamed the “deterioration in terms and conditions” for the retrenchment…

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