How much do Singapore’s executives care about cyber insurance?

The rise of AI presents opportunities for both businesses and cybercriminals.

Whilst the rise of cyber threats grows rapidly, only 24% of executives in Singapore identified cyber risk as their top concern for 2024. Additionally, also 24% of Singapore-based businesses plan to invest in cybersecurity, and 20% are considering insurance options that include risk and crisis management services.

Around 76% of Singaporean executives believe their current cyber defences are adequate. However, preparedness is increasing, with 83% of Singapore’s business leaders feeling resilient against cyber risk this year, up from 78% in 2023, revealed Beazley’s "Spotlight on Cyber & Technology Risk 2024” report.

“As cyber criminals hone their techniques, businesses across APAC find themselves increasingly exposed. As our data reveals that business leaders in the region feel more prepared to counter cyber risk than last year, many may be dulled to the danger,” Teck Siong Ng, Underwriter, Cyber Risks, APAC, Beazley said. 

Ng also warned about evolving threats that businesses must immediately mitigate. “For example, whilst Artificial intelligence (AI) presents opportunities for cyber criminals, it also promises to bring about a seismic societal shift. As 80% of APAC business leaders agreed that AI will replace jobs in their company, its potential should not be underestimated,” Ng added.

AI is a growing focus, with 26% of businesses in Singapore planning to invest in AI and other technologies to enhance resilience. 

However, 80% of business leaders believe AI will replace jobs within their companies. AI is also amplifying cyber threats, with hackers using AI to refine phishing tactics and develop new techniques like deepfakes.

Tech obsolescence is another concern, with 29% of Singaporean business leaders citing it as their biggest threat. Meanwhile, 16% feel unprepared to manage the risk of outdated technology.

The report was based on a survey of 3,500 business leaders.