Only about one fourth (26%) of executives surveyed in Singapore consider cyber risk as their greatest threat, however, 87% believe they are prepared to counter the cyber risks, indicating a false sense of security according to a new report by specialist insurer Beazley.
The current edition of Beazley’s Risk & Resilience report: Spotlight on Tech Transformation & Cyber Risk 2025 published in June 2025 reveals that this year 26% of executives in Singapore cited cyber risk as their greatest threat, up from 24% in 2024.
The survey was conducted in January 2025 among 3,500 global business leaders (insurance buyers) about their biggest business risk concerns and how resilient they feel to the risks that include cyber risk, technology disruption risk, technology obsolescence risk and intellectual property risk.
The report found that 86% of the surveyed executives are looking to improve their cyber security with third party suppliers this year, and 40% plan to invest in cyber security this year while 85% agreed that AI will have a positive impact on their business’ economic prospects this year.
The 17-page report Spotlight on Tech Transformation & Cyber Risk 2025- APAC Insights also reveals a shift in perception and perceived resilience to cyber security threats among Singapore-based executives. For the first time since 2022, concern over cyber risk has risen, with 26% of executives in Singapore citing this risk as their greatest threat, up from 24% in 2024.
While awareness of cyber risk grows, paradoxically, Singapore-based executives feel more prepared to counter the associated threats, with the perception of resilience rising from 83% in 2024 to 87% this year. This may indicate a false sense of security, as many organisations still lack the sustained vigilance required for genuine preparedness.
The report also highlights the transformative potential of AI. It found that 85% of the Singapore-based executives surveyed agree that AI will have a positive impact on their business’ economic prospects this year, and 68% believe that AI will replace jobs in their company over the next 18 months.
There is also growing concern about intellectual property (IP), data privacy risks and new regulations, yet concern over tech obsolescence has dropped from 29% in 2024 to 26% this year.