Business leaders in Singapore and Hong Kong are more optimistic about the impact of artificial intelligence (AI) than their global counterparts, according to a new survey by QBE Insurance. The survey, which involved over 6,000 participants from 15 markets, found that 96% of Hong Kong and 97% of Singapore business leaders expect AI to positively impact their operations over the next two years.
In Hong Kong, 56% of businesses are using AI to boost operational awareness, whilst 43% focus on agility and 26% on revenue growth. Meanwhile, Singaporean companies are prioritising productivity, with 54% of respondents citing it as a key focus, alongside innovation and competitive advantage, both at 40%.
Despite the optimism, the survey highlighted significant cyber risks. Nearly half of businesses in both cities have experienced cyber-attacks linked to suppliers, surpassing the global average of 38%. Concerns about supplier-related cyber risks are high, with 64% of Hong Kong and 78% of Singapore business leaders expressing worry.
Sam Russell-Vick, Regional Cyber Lead at QBE Asia, emphasised the importance of addressing supplier vulnerabilities, stating, “Companies can no longer be solely concerned with their own cyber defences. They must now consider the cyber vulnerabilities of their suppliers.”
The survey also revealed gaps in cyber insurance coverage, with 22% of Hong Kong and 18% of Singapore businesses lacking insurance. This is particularly pronounced in sectors like construction and manufacturing, where significant portions remain uninsured. The findings underscore the need for businesses to bolster their cyber defences and insurance coverage to mitigate potential risks.
