Tue, Jan 15, 2019 – 12:15 PM
SINGAPORE firms say business interruptions (BIs) and cyber incidents are the biggest risks they face this year according to a survey by Allianz Global Corporate & Specialty (AGCS).
Of the 200 Singapore respondents to its Allianz Risk Barometer 2019 poll, 43 per cent selected BIs and 42 per cent cite cyber incidents as the top risk, outpacing fire and natural catastrophes. In total, 2,415 respondents from 86 countries were polled. They included CEOs, risk managers, brokers and insurance experts.
BIs include events that can bring businesses to a standstill, such as the breakdown of core IT systems, product recalls or quality issues, terrorism, political rioting or environmental pollution. Both cyber and BI risks are increasingly interlinked as ransomware attacks or accidental IT outages often result in disruption of operations and services costing hundreds of millions of dollars, said AGCS, which is the Allianz Group’s dedicated corporate and specialty insurance business.
Said Mark Mitchell, AGCS Asia Pacific regional CEO: “Businesses across Asia Pacific are deeply concerned about the impact of business interruption, which can be a consequence…
