However, leaders are also bracing for risky times ahead.
With political instability in Hong Kong and ongoing trade war rhetoric, it is unsurprising that 83% of firms believe 2020 will bring a high or moderately high-risk environment. Economic risk is the top concern, but there is also anxiety about a continually evolving business environment driven by new technology, and closely allied to that - cyber risk.
The pace of technological change is what concerns companies. The IMF has stated that in most of Asia, the share of information and communications technology in GDP has increased substantially faster than economic growth.
Among the world’s top 10 economies with the largest ICT to GDP ratio, seven are in Asia, including Malaysia, Thailand, and Singapore
Against this backdrop, over 80% of firms say they plan to invest in next-generation technology to improve business efficiency as they enter 2020. In this competitive environment, firms will require a sure touch as they invest in technology upgrades. Close partnership with insurers will be essential if businesses are both to reap the reward of their investments, but also to guard against the enhanced cyber risk associated with greater dependence on technology.
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