Singapore, Hong Kong Businesses More Optimistic About AI than Global Peers — Yet More Vulnerable to Supply Chain Cyber-risks, finds New QBE Global Survey
- QBE’s inaugural international cyber risks and AI study found Asian business and technology leaders are more positive about the technology’s impact than their peers from elsewhere.
- Almost half of Hong Kong and Singapore businesses have experienced a supply chain cyber-attack, where perpetrators exploit supplier vulnerabilities and the trust companies bestow to vendors and partners.
- 22% of companies globally, including Hong Kong, don’t have cyber insurance, nor do 18% of Singapore businesses — across all three markets, around 14% have no cyber response plan.
Singapore and Hong Kong, 19 May 2026 – Business and technology leaders in Hong Kong and Singapore are overwhelmingly optimistic about the potential of artificial intelligence (AI), with 96% and 97% respectively expecting the technology to make a positive impact over the next two years. These were the findings of a new survey by QBE Insurance about AI and cyber risks, unearthing the experiences and 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.
Hong Kong: Greater efficiency, agility and revenue growth are key priorities
Nuanced differences between the two markets nonetheless exist. Overwhelmingly, the top reason for Hong Kong businesses using AI is to increase operational awareness. Some 56% of survey participants cited this goal. Other reasons included increasing operational agility, where 43% of businesses are focused; and driving revenue growth, with 26% deploying the technology to achieve this.
In terms of meeting today’s cyber risks, Hong Kong businesses cited conducting impact assessments as the top measure they are taking to ensure AI safety. Notably, however, the proportion of businesses that have experienced at least one AI-related cyber event in the past year is lower (27%) than the global average (29%).
Singapore: Striving for increased productivity, innovation and competitiveness
Singapore businesses are focused on increasing productivity through AI. Some 54% of survey respondents shared this view. They are also prioritising innovation (40%), with a similar proportion (40%) seeking to build a competitive advantage.
Singapore companies are giving precedence to staff training over other measures to improve AI safety, said half of respondents. Other noteworthy measures include ensuring data quality and instilling human oversight. Most notably, some 39% of Singapore businesses have experienced at least one AI-related cyber event in the past year — more than any other market.
Shared concerns: 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 Sam Russell-Vick, Regional Cyber Lead at QBE Asia. “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,” added Russell-Vick.
The full survey findings can be downloaded here.
About the QBE Insurance Cyber Risks and AI 2026 Survey
The self-reported results of the global study were acquired via a quantitative online survey conducted by Opinium Research on behalf of QBE. It gauged the views and experiences of 6,016 business decision‑makers in IT, administration and insurance, in companies with between 100 and 2,000 employees. Participants were from 15 markets across Europe, the Americas, the Asia Pacific, and the Middle East. About 400 participants were surveyed in the UK, Netherlands, Italy, France, Spain, Canada, Germany, Sweden, Denmark, UAE, the USA, New Zealand, Australia, Hong Kong and Singapore. Fieldwork was conducted between 31 March 2026 and 21 April 2026.
Appendix: Comparison of key survey findings for Hong Kong, Singapore, and globally
| HK | SG | Global | |
| Proportion of businesses currently using AI | 81% | 86% | 80% |
| Proportion of businesses considering using AI | 17% | 13% | 17% |
| AI to have a good impact on the business in the next two years | 96% | 97% | 92% |
| Top reasons for using AI | |||
| Increase operational efficiency | 56% | 54% | 52% |
| Increase productivity | 51% | 54% | 53% |
| Increase agility | 43% | 42% | 36% |
| Drive innovation | 38% | 40% | 40% |
| Build a competitive advantage | 38% | 40% | 33% |
| Grow revenue | 26% | 37% | 33% |
| Steps businesses are taking to improve AI safety | |||
| Conducting impact assessments | 45% | 42% | 40% |
| Staff training | 41% | 50% | 47% |
| Ensuring data quality | 41% | 46% | 41% |
| Instilling human oversight | 37% | 46% | 40% |
| Businesses experiencing at least one cyber event | 59% | 61% | 58% |
| Victims experiencing at least one day of business interruption | 18% | 19% | 21% |
| Businesses experiencing an attack linked to a supplier | 43% | 42% | 32% |
| Businesses concerned about risks arising from supplier AI usage | 64% | 78% | 63% |
| Most frequent attack methods | |||
| Phishing messages | 48% | 54% | 48% |
| Attacks targeting ID vulnerabilities or entry points | 33% | 48% | 38% |
| AI-generated malware | 35% | 43% | 38% |
| Deepfakes | 33% | 38% | 30% |
| Voice-based phishing | 38% | 38% | 36% |
| Companies without cyber insurance | 22% | 18% | 22% |
| Sectors with noteworthy cyber insurance gaps | |||
| Construction | 47% | 36% | 29% |
| Manufacturing | 27% | 25% | 28% |
| Education | 25% | 37% | 25% |
About QBE Asia
QBE Asia is part of the International Division of QBE Insurance Group Limited. Headquartered in Sydney, QBE is listed on the Australia Securities Exchange (ASX). To learn more about QBE Insurance Group, please visit www.qbe.com.
Press contacts:
Belmont Communications on behalf of QBE Asia
[email protected]