Informed Insurance

The home of thought leadership by

Informed Insurance

Predictions
Or
Or

Prediction: Asia will see ever-increasing data protection regulations and obligations

LinkedIn Email Share this prediction
Prediction

Asia will continue to develop expertise and experience in combating cyber events, and rapidly implement further and fit-for-purpose legislation and regulations, as regional governments recognise the importance of a well-controlled 'cyber space' in attracting international business investment. More stringent requirements, for example the obligation on all Singapore businesses to have a nominated Data Protection Officer, could mean more demand for cyber cover, which will likely continue the circa 50% year-on-year growth in the markets for the product across the region. The principal leaders in driving legislative change will be Singapore and Hong Kong. The principal targets will remain SMEs, both for insurers and (unfortunately) for threat actors. The major opportunities will be in Thailand, Malaysia, Vietnam, Indonesia and the Philippines. The fascinating (and huge) enigmas will be India and China.