37% of S’porean businesses plan to explore coverage amidst high-risk environment

Cyber risk remains the primary concern of executives.

About three out of 10 Singaporean business leaders expect the year to have a high-risk environment, prompting 37% aspiring to explore more insurance plans which include risk and crisis management.

The Beazley Singapore Snapshot Report revealed cyber risks are at the forefront of concerns for Singaporean business leaders. 

In 2023, 25% of executives cited cyber threats as their top concern, with a slight projected increase to 26% in 2024. Over one in five businesses feel unprepared to handle these risks, particularly among small businesses. This unpreparedness is driving over a third of these businesses to invest in enhanced cybersecurity measures.

In the post-pandemic era, 23% of executives in Singapore identified employer risks, such as supporting staff mental health and ensuring a safe work environment, as their top concern, up 3 percentage points from the previous year. 

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However, 26% of executives feel unprepared to manage these employer risks, highlighting a significant gap in readiness.

The report also sheds light on the challenges posed by new Environmental, Social, and Governance (ESG) regulations. 

Nineteen percent of executives in Singapore rank ESG risks as their primary concern, expected to increase slightly to 20% in 2024. This reflects the growing challenge for businesses to keep pace with evolving ESG regulations while maintaining operational efficiency.

Additionally, Singaporean business leaders appear more prepared to tackle ESG risks compared to their counterparts in other countries, with 76% feeling prepared against ESG risks. This contrasts with 75% in the UK, 69% in the US, and 68% in Canada.