A new report from Beazley, a leading specialist insurer, reveals that Singapore executives may be overconfident in their cyber security preparedness. The Risk & Resilience report, titled “Spotlight on Tech Transformation & Cyber Risk 2025,” highlights that 26% of Singapore executives now view cyber risk as their greatest threat, an increase from 24% in 2024. Despite this growing concern, 87% believe they are adequately prepared to tackle these risks, suggesting a possible disconnect between perception and reality.
The report underscores the importance of vigilance, as many organisations may not be as prepared as they believe. Teck Siong Ng, Regional Manager for Cyber Risks in Asia Pacific at Beazley, noted, “In an era of accelerating cyber risks, businesses across the APAC region need elevated cyber resilience.”
The study also found that 86% of executives plan to enhance their cyber security with third-party suppliers, and 40% intend to invest in cyber security improvements this year. This proactive approach is crucial as cyber threats continue to evolve, with AI-driven ransomware and hacktivism posing significant challenges.
Additionally, the report highlights the transformative potential of artificial intelligence, with 85% of Singapore executives agreeing that AI will positively impact their economic prospects. However, concerns about intellectual property and data privacy remain prevalent.
The findings suggest that whilst awareness of cyber threats is increasing, there is a need for sustained efforts to ensure genuine preparedness and resilience against the complex cyber landscape.
“`
