Zurich: Cyber Threats Top Concern to Doing Business in Singapore

Cyber Threat

Cyber Threat

Zurich Insurance Company reveals the key economic, social, political, technological and environmental risks facing Singapore and the Asia Pacific region.

For Singapore, Japan and Malaysia, according to the latest Global Risk Report, the danger of a cyberattack was singled out as the highest concern, whereas this threat does not feature in the global top ten. For Singapore though cyber threats were named the number one risk to doing business in the city-state.

As the Asia-Pacific region (APAC) sets out to lead the world in technology and innovation, its countries named cyberattacks as the seventh biggest risk to doing business an indicator of the region’s overwhelming business and economic focus.

Concentration of Critical Data

«The prominence of cyberattacks in Singapore’s risk landscape makes total sense, given its position at the forefront of technological innovations. This risk is further exacerbated by the concentration of critical data given Singapore is a regional financial hub in Asia. Mitigating and preventing such attacks will be crucial,» said Jonathan Rake, Zurich's Singapore CEO and Head of General Insurance.

Across the wider APAC region most are concerned with near-term threats to economic growth, whilst potential risks to sustainable development lurk over the horizon.

No State Collapse?

Energy price shocks are ranked the number one risk to doing business in APAC, by predominantly developing countries including Bangladesh, Indonesia and Sri Lanka. Whereas Australia, Cambodia, China, Hong Kong, Myanmar and Thailand named asset bubbles the biggest risk.

Notably for Singapore the lowest ranked risk was the risk of state collapse or crisis at just 0.6 percent, reinforcing confidence in Singapore’s stability and strong governance.

The newly released APAC research findings of the 2016 Global Risks Report are based on a survey of 750 experts and draw on the views of more than 13,000 business executives.

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