Business and technology leaders in Asia are optimistic about the potential of AI and a large segment expects the technology to make a positive impact over the next two years.
A new survey by QBE Insurance about AI and cyber risks has revealed that business and technology leaders in Hong Kong and Singapore are overwhelmingly optimistic about the potential of AI, with 96% and 97% respectively expecting the technology to make a positive impact over the next two years. The survey conducted in March-April 2026, took views of over 6,000 participants from 15 markets across Europe, the Americas, the Asia Pacific, and the Middle East.
Globally, some 92% of business executives shared the same sentiment, suggesting that overall, Hong Kong and Singapore companies are more optimistic about the potential of AI than their peers from elsewhere.
The near-identical results between Hong Kong and Singapore across most of the survey outline not just how upbeat the two markets are on the organisational value of AI, or that they share the same challenges when it comes to tackling cybercrimes; it also revealed how far Hong Kong and Singapore companies are in their quest to be AI-enabled in an era of heightened cyber risks.
Suppliers a prime target and risk
The survey highlighted the cyber vulnerabilities of companies around the world. Of note, Hong Kong and Singapore businesses experienced some of the highest rates of supply chain cyber-attacks. Such attacks see perpetrators access IT networks via suppliers who act as vectors to transmit malware, or exploit other weaknesses.
Globally, some 38% of businesses have experienced an attack related to a supplier; while in Hong Kong and Singapore, this number topped 43% and 42% respectively. Almost two-thirds of Hong Kong companies, and over three-quarters of Singaporean businesses, are now concerned about the risks emanating from supplier use of AI, the survey added.
“Companies can no longer be solely concerned with their own cyber defences. They must now consider the cyber vulnerabilities of their suppliers, as perpetrators exploit weaknesses that arise with such partnerships,” said QBE Asia Regional Cyber Lead Sam Russell-Vick. “Our survey confirms that while AI is widely seen as a noteworthy business enabler, it is also a serious threat.”
Coverage and response gaps linger
Despite these vulnerabilities, swathes of businesses remain uninsured against cyber risks. Almost a quarter of companies globally and in Hong Kong don’t have cyber insurance. Singapore fares slightly better with only 18% of companies not holding cyber coverage. Certain sectors are also notably underinsured. In the construction industry, some 47% of Hong Kong firms, and 36% of Singapore firms, don’t have cyber insurance — nor do 29% of global companies. Meanwhile, 37% of Hong Kong manufacturers, and 25% of their Singapore peers, are without cyber coverage as well. Worldwide, this proportion stands at 29%.
Some 18% and 19% of Hong Kong and Singapore businesses have experienced a cyber event, which has resulted in one or more days of business interruption — versus 21% of global businesses. Interestingly, 13% and 15% of Hong Kong and Singapore companies don’t have a response plan, should a cyber event strike —nor do 14% of companies globally.
“Should a cyber event happen, the fallout from this will severely impact businesses, operationally and financially — and may ultimately cause damage to their prized customers. It is therefore imperative that all companies, irrespective of size or location, understand their cyber exposures, and take appropriate measures to fully protect their businesses from these,” said Mr Russell-Vick.