BANGKOK (AP) — Military-ruled Myanmar on Tuesday allowed prisoners to have family visitors from outside, a right that had been suspended for 3 and a half years because of the coronavirus pandemic, the military’s information office and prison officials said.
Myanmar Reinstates Family Visits to Prisoners to End Ban Started During Pandemic

Detection and response tools increasingly important as cyber claims surge: Allianz
- Ransomware incidents rising again as criminals use data exfiltration and supply chain attacks to maximize their leverage.
- Allianz Commercial analysis of large cyber losses shows the number of cases in which data is exfiltrated is soaring, as is the number of incidents becoming public.
- Cyber breaches that are not detected and contained early can be 1,000 times more expensive than those that are.
- Companies’ cyber security priorities should include bolstering their detection and response capabilities.
SINGAPORE – Media OutReach – 25 October 2023 – Following two years of high but stable loss activity, 2023 has seen a worrying resurgence in ransomware and extortion claims as the cyber threat landscape continues to evolve, Allianz Commercial warns in a new report.
Hackers are increasingly targeting IT and physical supply chains, launching mass cyber-attacks, and finding new ways to extort money from companies, large and small. Most ransomware attacks now involve the theft of personal or sensitive commercial data for the purpose of extortion, increasing the cost and complexity of incidents, as well as bringing greater potential for reputational damage. Allianz Commercial analysis of large cyber losses shows the number of cases in which data is exfiltrated is increasing every year – doubling from 40% in 2019 to almost 80% in 2022, with 2023 significantly higher.
“Cyber claims frequency has picked up again this year as ransomware groups continue to evolve their tactics,” says Scott Sayce, Global Head of the Cyber Center of Competence for Allianz Group. “Based on claims activity during the first half of 2023, we expect to see around a 25% increase in the number of claims annually by year-end. The attackers are back, and focused again on Western economies, with more powerful tools, enhanced processes, and attack mechanisms. Given this dynamic, a well-protected company is necessary to stand up to the threat and, increasingly, the most important element of this is developing strong detection and fast response capabilities.”
How is ransomware risk evolving?
According to the Allianz Commercial report, Cyber security trends 2023: The latest threats and risk mitigation best practice – before, during and after a hack, the frequency of cyber claims stabilized in 2022, reflecting improved cyber security and risk management actions among insured companies. Law enforcement agencies targeting gangs, together with the Ukraine Russia conflict, also helped curtail ransomware activity. However, ransomware activity alone was up 50% year-on-year during the first half of 2023. So-called Ransomware-as-a-Service (RaaS) kits, where prices start from as little as US$40, remain a key driver in the frequency of attacks. Ransomware gangs are also carrying out more attacks faster, with the average number of days taken to execute one falling from around 60 days in 2019 to four.
“Double and triple extortion incidents – using a combination of encryption, data exfiltration and Distributed Denial of Service attacks – to obtain money are not new but they are now more prevalent,” says Michael Daum, Global Head of Cyber Claims, Allianz Commercial. “Several factors are combining to make data exfiltration more attractive for threat actors. The scope and amount of personal information being collected is increasing, while privacy and data breach regulations are tightening globally. At the same time, the trends towards outsourcing and remote access leads to more interfaces for threat actors to exploit.”
Data exfiltration can significantly add to the cost of a loss or cyber claim. Such incidents can take longer to resolve, while legal and IT forensics can be extremely expensive. If data has been stolen, companies must know exactly what data has been exfiltrated and will likely have to notify customers, who could seek to claim compensation or threaten litigation.
This year has also seen several large mass ransomware attacks as threat actors used exploits in software and weaknesses in IT supply chains to target multiple companies. For example, the MOVEit mass cyber-attack, which exploited a data transfer software product, impacting millions of individuals and thousands of companies, contributed to the increase in the frequency of claims in 2023 to date, affecting multiple policyholders simultaneously.
“More mass cyber-attacks can be expected in the future,” says Daum. “Companies and their insurers need to better understand the interconnectivity and dependencies that exist between organizations and within digital supply chains.”
Growing number of public cases
In the past the number of cyber incidents that became public knowledge was low. Today, it is a different story, as with data exfiltration, hackers threaten to publish stolen data online. Allianz Commercial analysis of large cyber losses (€1mn+) shows that the proportion of cases becoming public increased from around 60% in 2019 to 85% in 2022 with 2023 set to be even higher. “Today, if you have data exfiltration it will likely go public, and every company needs to be prepared for this,” says Rishi Baviskar, Global Head of Cyber Risk Consulting, Allianz Commercial.
With potentially costly financial and reputational consequences, companies may feel under more pressure to pay ransoms where data has been stolen. The number of companies paying a ransom has increased year-on-year – from just 10% in 2019 to 54% in 2022, again based on analysis of large losses only (€1mn+). Companies are two-and-a half times more likely to pay a ransom if data is exfiltrated, on top of the encryption.
However, paying a ransom for exfiltrated data does not necessarily resolve the issue. The company may still face third party litigation for the breach of data, especially in the US. Indeed, there are few cases where a company should believe that there is no other solution other than paying the ransom to be able to re-access its systems or data. Any impacted party should always inform and cooperate with the authorities.
The importance of early detection and fast response
Protecting an organization against intrusion remains a cat and mouse game, in which cyber criminals have the advantage. Allianz analysis of more than 3,000 cyber claims over the past five years shows that external manipulation of systems is the cause of more than 80% of all incidents. Threat actors are now exploring ways to use artificial intelligence (AI) to automate and accelerate attacks, creating more effective AI-powered malware, phishing, and voice simulation. Combined with the explosion in connected mobile devices – Allianz Commercial has seen a growing number of incidents caused by poor cyber security in this area – attack avenues only look likely to increase.
Preventing a cyber-attack is therefore becoming harder and the stakes higher. As a result, early detection and response capabilities and tools are becoming ever more important. Around 90% of incidents are contained early. However, if an attack is not stopped in the early stages the chances of preventing it becoming something much more serious and costly greatly reduce.
“Traditional cyber security has focused on prevention with the goal of keeping attackers out of a network,” says Baviskar. “While investment in prevention reduces the number of successful cyber-attacks there will always be a ‘gap’ remaining that will enable attacks to get through. For example, it is not possible to stop all employees from clicking on increasingly sophisticated phishing emails.”
Companies should direct additional cyber security spend on detection and response, rather than just adding more layers to protection and prevention. Only one third of companies discover a data breach through their own security teams. However, early detection technology is readily available and effective.
“Detection systems are constantly improving and can save lots of pain, decreasing detection and response times. This is something we look for in our cyber risk assessments and underwriting,” adds Baviskar.
Cyber breaches that are not detected and contained early can be as much as 1,000 times more expensive than those that are, the report highlights, with Allianz Commercial analysis showing that early detection and response can stop a €20,000 loss turning into a €20mn one.
“Prevention drives frequency of attacks and response is responsible for how significant the loss will be – whether it is a minor IT incident or a corporate crisis,” says Daum. “We believe companies can meaningfully prepare and there is room for improvement in how they respond to these attacker threats. Ultimately, early detection and response capabilities will be key to mitigating the impact of cyber-attacks and ensuring a sustainable cyber insurance market going forward.”
Hashtag: #Allianz
https://www.linkedin.com/company/allianz-commercial/
The issuer is solely responsible for the content of this announcement.
Allianz Commercial
Allianz Commercial is the center of expertise and global line of Allianz Group for insuring mid-sized businesses, large enterprises and specialist risks. Among our customers are the world’s largest consumer brands, financial institutions and industry players, the global aviation and shipping industry as well as family-owned and medium enterprises which are the backbone of the economy. We also cover unique risks such as offshore wind parks, infrastructure projects or Hollywood film productions. Powered by the employees, financial strength, and network of the world’s #1 insurance brand,
as ranked by Interbrand, we work together to help our customers prepare for what’s ahead: They trust us to provide a wide range of traditional and
alternative risk transfer solutions, outstanding
risk consulting and
Multinational services, as well as seamless
claims handling. The trade name Allianz Commercial brings together the large corporate insurance business of Allianz Global Corporate & Specialty (AGCS) and the commercial insurance business of national Allianz Property & Casualty entities serving mid-sized companies. We are present in over 200 countries and territories either though our own teams or the Allianz Group network and partners. In 2022, the integrated business of Allianz Commercial generated more than €19 billion gross premium globally.
NetApp Extends Its Storage Leadership and Innovation at INSIGHT 2023 with the Only Unified Data Storage Across On-premises and Public Cloud
Now with unmatched savings and sustainability for block storage
SINGAPORE – Media OutReach – 25 October 2023 – NetApp® (NASDAQ: NTAP), a global cloud-led, data centric software company, today announced several updates to the industry’s only unified data storage solution including new block storage products driving unmatched savings and sustainability, multiple improvements to public cloud storage services, and updates to NetApp Keystone Storage-as-a-Service (STaaS) —all designed to drive simplicity, savings, security, and sustainability for customers.

Over two decades ago, NetApp introduced unified storage to the industry. Today, NetApp extends the definition of unified data storage to an entire architecture that enables file, block, and object workloads. Unified data storage provides a common storage operating system that spans multiple on-premises storage offerings and every major public cloud, unified by a common API set and single control plane. This includes the leading unified all-Flash storage, NetApp AFF, the new block-optimized all-Flash storage, NetApp ASA, and the only first-party, cloud-native storage solutions running on all of the three largest public clouds with Amazon FSx for NetApp ONTAP, Microsoft Azure NetApp Files, and Google Cloud NetApp Volumes.
“As we unveil updates to our enterprise-grade storage portfolio, we’re setting the stage for a transformative era in data management,” said Harv Bhela, Chief Product Officer at NetApp. “NetApp’s portfolio, spanning on-premises and all major public clouds, reinforces our dedication to customers to deliver unified storage solutions that meet the evolving needs of modern enterprises and provide unmatched simplicity, savings, security, and sustainability.”
Delivering unmatched savings and sustainability for block storage
Earlier this year, NetApp introduced the AFF C-Series system, an industry-leading unified-capacity flash storage offering, and it has become the fastest ramping product introduction in company history.
Over 20,000 customers trust NetApp for block workloads running on its mission-critical SAN infrastructure. To better serve these customers and the overall block storage market, NetApp introduced the NetApp All-Flash SAN Array (ASA) earlier this year. The NetApp ASA provides enterprise-grade block storage with guaranteed availability and efficiency.
“NetApp’s all-flash SAN storage made a big difference in our critical infrastructure environment, including VMware and S/4 HANA,” said Tristan Roberts. Digital Infrastructure Leader at TasNetworks. “It greatly simplified our data management with integrated data protection and disaster recovery and enabled us to achieve simplified business continuity with MetroCluster. We are always interested in enhancements to the product set, including the greater outcomes for cost-efficiency and sustainability with ASA C-series.”
Driving capacity flash and block storage innovation even further, NetApp announced the new NetApp ASA C-Series family today at NetApp INSIGHT 2023. The ASA C-Series uses capacity flash for the best balance of performance and cost savings in the industry, with leading sustainability. Delivering the speed of flash at close to disk prices, the NetApp ASA provides a 4:1 storage efficiency guarantee and a Six Nines (99.9999%) data availability guarantee*. With industry-leading cyber-resilience, the ASA C-Series is also eligible for the NetApp Ransomware Recovery Guarantee*, and is cloud connected to allow for disaster recovery, backup, and tiering to cloud, allowing organizations to modernize their environments, optimizing data storage for VMware vSphere, and accelerating SAP, Oracle, and Microsoft SQL database workloads, with integrated application-aware backup.
“NetApp ASA storage provides customers with a tailored solution to deliver high-performance and guaranteed high availability (99.9999%) storage for critical applications, databases, and VMware infrastructure, without creating bespoke infrastructure silos,” said Sandeep Singh, Senior Vice President and General Manager of Enterprise Storage at NetApp. “Our ASA C-Series now redefines block storage, combining these unmatched ASA storage capabilities and capacity flash, making enterprise-grade block storage more affordable and sustainable than ever.”
“The data deluge today means that enterprises need to better manage their ever-expanding data estate across on-premise and multi cloud deployments. The need for data storage solutions that can balance simplicity, security and cost efficiency has become a business imperative,” said Andrew Sotiropoulos, Senior Vice President and General Manager, NetApp Asia Pacific. “With our latest product portfolio, NetApp can empower enterprises with greater control over their data estate while also addressing their sustainability and ESG needs.”
To help customers make a no-regrets move to a NetApp block storage solution, a variety of services are now available at no additional cost. This includes up-front solution design assessment that includes the evaluation of any existing architecture, free data migration, software license and services, or three months of complimentary NetApp storage support during the migration period and free training workshops.*
Ongoing enhancements to the only first-party, cloud-native storage across the three largest public clouds
NetApp first introduced its enterprise storage into the public cloud nearly a decade ago, in 2014. Today, NetApp has the only first-party, cloud-native storage offered on all three of the largest public clouds.
Google Cloud NetApp Volumes was just introduced in August 2023, and already is being enhanced with a new Standard service layer, driving an over 30% reduction in cost/GB, while still supplying the same multi-protocol files services with integrated data protection, available across 14 Google Cloud regions.
Meanwhile, Amazon FSx for NetApp ONTAP will lower overall TCO by taking advantage of VPC Peering to connect to VMware Cloud on AWS. The addition of unified file and object access via the ONTAP S3 API simplifies data access for cloud native applications developed to utilize object storage. Microsoft Azure NetApp Files now has enhanced capacity scaling, enhanced performance for Oracle databases and support for transparent automated tiering of data to the Azure Cool Blob tier for improved cost savings.
Delivering new Storage-as-a-Service options and improved assurance with NetApp Keystone.
NetApp continues to drive new options for customers to consume the strongest enterprise storage portfolio. Earlier this month, Equinix and NetApp announced NetApp Storage on Equinix Metal, powered by NetApp Keystone, lets organizations power business-critical workloads with a full stack solution, through a single monthly invoice
Today, NetApp enhanced its Keystone Storage-as-a-Service, delivering the most comprehensive set of guarantees for a STaaS offering. Customers can now take advantage of integrated performance and availability guarantees*. The previously announced Keystone sustainability service-level agreement (SLA) helps companies reduce their carbon footprints with automated data tiering, sustainability monitoring, and cancellation of overprovisioning, on premises and in the cloud. NetApp is also previewing a goal to offer a ransomware recovery guarantee for Keystone in the next 90 days.*
“NetApp continues to drive innovation across the enterprise and the public cloud with its unified data storage portfolio,” said Ashish Nadkarni, Group Vice President and General Manager, Infrastructure Systems, Platforms and Technologies and BuyerView Research at IDC. “Customer demand continues to grow for simplified storage at a lower cost and less environmental impact, and the new NetApp ASA C-Series will be a formidable option for these customers. NetApp’s Keystone program continues to grow, offering customers the guarantee they need.”
*Specific terms and conditions will apply to each guarantee and offer. Previews are subject to change.
Additional Resources
- Blog: NetApp unveils data storage innovation at INSIGHT 2023
- Blog: Introducing ASA C-series: unmatched savings and sustainability for block workloads
Hashtag: #NetApp #NetAppINSIGHT #Cloud #Keystone #STaaS
The issuer is solely responsible for the content of this announcement.
About NetApp
NetApp is a global, cloud-led, data-centric software company that empowers organizations to lead with data in the age of accelerated digital transformation. The company provides systems, software, and cloud services that enable them to run their applications optimally from data center to cloud, whether they are developing in the cloud, moving to the cloud, or creating their own cloudlike experiences on premises. With solutions that perform across diverse environments, NetApp helps organizations build their own data fabric and securely deliver the right data, services, and applications to the right people—anytime, anywhere.
Learn more at www.netapp.com or follow us on
Twitter,
LinkedIn,
Facebook, and
Instagram.
NETAPP, the NETAPP logo, and the marks listed at www.netapp.com/TM are trademarks of NetApp, Inc. Other company and product names may be trademarks of their respective owners.
NetApp Advances the State of AI & Secure Infrastructure at INSIGHT 2023
Delivering a True Data Pipeline for AI & Best-in-Class Ransomware Defense
SINGAPORE – Media OutReach – 25 October 2023 – NetApp® (NASDAQ: NTAP), a global cloud-led, data centric software company, today announced multiple innovative portfolio updates, including enhancements to the industry’s best data pipeline for hybrid multi-cloud AI and advancements on the most secure data storage against ransomware. These illustrate NetApp’s industry-leading solutions drive simplicity, savings, security, and sustainability for customers.

“There are two major disruptions today for customers: the opportunity of AI and the threat of ransomware,” said Harv Bhela, Chief Product Officer at NetApp. “Today, NetApp unveiled new innovations that make the AI data pipeline simple to deploy as well as scalable and performant across your hybrid multi-cloud data estate – while protecting that same data from ever-increasing threats. These solutions position us at the forefront of creating successful business AI outcomes for our customers.”
The industry’s best data pipeline for AI
To stay competitive, enterprises must innovate and boost efficiency through their AI initiatives but may struggle to get meaningful results from massive amounts of disparate data flowing unhindered through a five-stage pipeline. The datasets necessary to feed these pipelines may live in data lakes throughout the enterprise, on premises and/or in the cloud. This increases design and operational complexity where data silos lead to a lack of visibility into data types and locations, making it difficult to manage or use in AI workloads.
As the leader in hybrid multicloud, NetApp eases this complexity by delivering high performance all-flash and cloud storage that enable customers to build modern data lakes and accelerate AI. Users can trace multiple AI model versions in production back to their training data to ensure they are using AI responsibly and storage is integrated with MLOps platforms so data scientist experience easier consumption and increased productivity.
The ONTAP AI converged infrastructure stack leverages the world’s most successful AI supercomputing system – NVIDIA DGX – to enable enterprises everywhere to tackle the most complex AI workloads with an infrastructure solution that eliminates design and deployment complexity. Today, NetApp announced that the AFF C-Series with capacity flash has been added to the ONTAP AI architecture to improve affordability and sustainability.
“Enterprises that want to tap into the power of generative AI need a platform that can deliver fully customized models leveraging the immense corpus of their business data, tailored to their unique vocabulary, intellectual property, and industry,” said Charlie Boyle, Vice President, DGX platform at NVIDIA. “Powered by NVIDIA DGX systems and NVIDIA AI Enterprise software, NetApp ONTAP AI enables businesses to tap into their data to deliver generative AI applications by leveraging a scalable, efficient, rapidly deployable infrastructure solution.”
“AI adoption continues to grow especially in Asia Pacific. For AI implementations to be successful, organizations must have a holistic strategy across their organization. This includes the management of data pipeline and storage,” said Andrew Sotiropoulos, Senior Vice President and General Manager, NetApp Asia Pacific. “NetApp contributes to AI as we provide scalable, secure and efficient storage solutions which enable organizations to unlock new AI opportunities for innovation and business growth.”
NetApp continues to build AI data pipelines that integrate into all three major public clouds for a true hybrid multicloud experience. Yesterday at NetApp INSIGHT 2023, Google Cloud CEO Thomas Kurian spoke to the ongoing innovation and partnership between NetApp and his company, highlighting the August 2023 introduction of Google Cloud NetApp Volumes. Today, NetApp and Google are announcing support for Google Cloud’s Vertex AI with Google Cloud NetApp Volumes to support hybrid Generative AI applications.
“Launched in August, Google Cloud NetApp Volumes revolutionizes enterprise workloads in the cloud, with new levels of storage performance combined with simplicity and flexibility,” said Ronen Schwartz, Senior Vice President and General Manager, Cloud Storage at NetApp. “For customers investing in Generative AI data pipelines, this offering allows NetApp data on-premises to connect directly to Google’s Vertex AI on Google Cloud NetApp Volumes, with no additional engineering.”
With Google Cloud NetApp Volumes, NetApp became the only company to deliver the same enterprise storage offering on-premises and as a native first-party service in the three largest public clouds, that also include Amazon AWS and Microsoft Azure.
With advancements to its cloud machine learning technology, Amazon Sagemaker, already supporting Amazon FSx for NetApp ONTAP, will add Amazon Sagemaker notebooks, which can access AWS FSx for NetApp ONTAP via the native S3 object protocol–even for data originally stored in the NFS file format on-premises or in a different cloud.
“Generative AI is a powerful tool with the potential to help companies achieve transformational business insights and operational efficiencies,” said Archana Venkatraman, Research Director, Cloud Data Management, IDC Europe. “However, AI workloads are only as powerful as the data they receive. Companies need a solid foundation of unified data management to ensure data flows to their respective AI infrastructures unhindered. The latest innovations from NetApp show deep and focused thought over the last five years about helping organizations collect, prepare, and manage their data wherever it lives. This rooted approach reflects the reality of how organizations build AI infrastructure and store data across on-prem, hybrid, and public cloud environments.”
Market-leading data storage security against ransomware and expanded disaster recovery
In 2023, the vast majority of ransomware attacks caused losses ranging between $1M and $2.25M. To mitigate this, NetApp is helping customers protect themselves and their data with the most secure storage in the industry and backing it with a leading Ransomware Recovery Guarantee.
Leveraging ONTAP’s unique combination of key built-in security and ransomware protection features, ONTAP can automatically block known malicious file types, rogue admins, and malicious users with multi-admin verification, and provide tamper-proof snapshots that can’t be deleted – even by the storage administrator. With industry-leading threat detection efficacy, ONTAP’s autonomous ransomware protection can detect attacks in near real time, take additional snapshots, and enable recovery within minutes.
Today, NetApp extended its Ransomware Recovery Guarantee is available for all on-premises NetApp ONTAP-based storage systems, including NetApp AFF, ASA and FAS. With this guarantee, NetApp will warrant snapshot data recovery in the event of a ransomware attack. If data copies can’t be recovered through NetApp or one of its trusted partners, NetApp will offer compensation*.
“NetApp customers can harness their data for agile application delivery with resilience and governance to ensure business continuity,” said Takeshi Sato, Shibaura Institute of Technology. “These updates position NetApp squarely as the industry’s most secure data storage against ransomware.”
In conjunction with the Ransomware Recovery Guarantee, NetApp provides customers with added peace of mind with its Ransomware Assurance Service, which helps ensure their systems are protected against ransomware attacks. This service validates a customer’s configuration for secured data snapshots and conducts a recovery test. With a dedicated team always available, customers can rely on NetApp to assist in data recovery in the event of an attack.
NetApp and its partners drive security and resiliency across the entire infrastructure stack. For example, NetApp’s partnership with Cisco delivered a collection of secure architectures for FlexPod converged infrastructure, which include ransomware recovery and secure segmentation.
NetApp also announced the public preview of a new disaster recovery (DR) solution for VMware, integrated directly into the NetApp BlueXP unified control plane. NetApp provides the only storage available on premises and on every major public cloud for VMware infrastructure. NetApp can provide a single solution for DR from on premises to the cloud, minimizing the cost of providing standby DR infrastructure. With the new NetApp BlueXP DR for VMware solution, a few simple steps enable easy failover and failback from an on-premises VMware infrastructure directly to the public cloud, starting with AWS FSx for NetApp ONTAP, or to an alternative on-premises data center.
*Specific terms and conditions will apply.
Additional Resources
- Blog: NetApp unveils data storage innovation at INSIGHT 2023
- Blog: Introducing ASA C-series: unmatched savings and sustainability for block workloads
Hashtag: #NetApp #NetAppINSIGHT #ransomeware #ONTAP #AI #multicloud
The issuer is solely responsible for the content of this announcement.
About NetApp
NetApp is a global, cloud-led, data-centric software company that empowers organizations to lead with data in the age of accelerated digital transformation. The company provides systems, software, and cloud services that enable them to run their applications optimally from data center to cloud, whether they are developing in the cloud, moving to the cloud, or creating their own cloudlike experiences on premises. With solutions that perform across diverse environments, NetApp helps organizations build their own data fabric and securely deliver the right data, services, and applications to the right people—anytime, anywhere.
Learn more at www.netapp.com or follow us on
Twitter,
LinkedIn,
Facebook, and
Instagram.
NETAPP, the NETAPP logo, and the marks listed at www.netapp.com/TM are trademarks of NetApp, Inc. Other company and product names may be trademarks of their respective owners.
Asian businesses bolster credit risk management amid optimism for future growth, Atradius survey reveals
70% of Asian companies polled anticipate a demand surge in the coming months, while showing a strong commitment to address payment challenges arising from business-to-business (B2B) trade.
HONG KONG SAR – Media OutReach – 25 October 2023 – While there is an anticipation of global trade expanding by slightly over 2% in 2024, the pace of growth in Asia is forecasted to remain subdued and may not be as robust as it was in previous years. The key factor inhibiting growth can be attributed to an ongoing underperformance in exports, which is likely to continue in the short-term due to weaker demand from Asia’s main export markets, such as the United States and European Union, and could potentially weaken the domestic resilience shown by Asian economies this year.
One illustration of this is a 6% overall drop in Asian businesses B2B trading on credit over the past year with variations in different markets. Taiwan and Singapore saw significant drops, while China and Vietnam experienced an increase in B2B sales on credit.
However, as Asian businesses look ahead, their optimism about their growth prospects becomes clear, as evidenced by the findings of our survey of companies polled in China, Hong Kong, Indonesia, India, Japan, Singapore, Taiwan, and Vietnam for the 2023 edition of the Atradius Payment Practices Barometer survey for Asia. Our survey revealed that 70% of Asian companies expect rising demand for their products and services in the months ahead.
In addition to expressing optimism about future business growth, our survey revealed a strong commitment among businesses polled in Asia to addressing the challenges posed by deteriorating business-to-business (B2B) payment practices, which are reflective of the vulnerabilities affecting the global economy and marketplace.
While the landscape varies from market to market, a common denominator is, therefore, the widespread attention Asian businesses place on maintaining strong cashflow and liquidity. Robust measures to mitigate cashflow risks are already evident across various Asian economies, notably in China, Japan, and India.
More than 50% of companies in the region told us they increased efforts to collect overdue B2B invoices during the past 12 months, a policy complemented in each market by specific credit risk management tactics. These efforts had a positive impact, with late payments across Asia declining by 12% over the past year, now affecting 44% of all B2B invoiced sales. Bad debts also declined slightly, standing at 5% of all B2B invoiced sales.
Companies in Vietnam, Singapore and China reported success in mitigating the impact of late payments. The survey underscores the adaptability of Asian businesses in the current economic turbulence, emphasizing the importance of thorough risk assessment when trading on credit with B2B customers.
Andreas Tesch, Chief Market Officer of Atradius stated, “The flexible approach to credit management demonstrated by Asian businesses, which involves trade credit insurance for 47% of companies polled, is particularly relevant because it enables them to seize opportunities in a growing market while safeguarding against potential credit-related risks in B2B trade activities. Their ability to integrate trade credit insurance into their risk management framework showcases their resilience and forward-thinking approach to business operations and cash flow risks mitigation.”
Hashtag: #Atradius #PaymentPractices #CreditInsurance #RiskManagement
https://linkedin.com/company/atradiusasia
The issuer is solely responsible for the content of this announcement.
About Atradius
Atradius is a global provider of credit insurance, bond and surety, collections and information services, with a strategic presence in over 50 countries. The products offered by Atradius protect companies around the world against the default risks associated with selling goods and services on credit. Atradius is a member of GCO, one of the leading companies in the Spanish insurance sector and one of the largest credit insurers in the world. You can find more information online at https://atradius.com.hk
France-Laos Economic Forum: Exploring New Business Horizons
In support of the economic growth and development across Laos, this pivotal event, marking 70 years of diplomatic relations between France and Laos. This event is co-organised by the Lao National Chamber of Commerce and Industry (LNCCI), and the Committee of French Foreign Trade Advisors in Laos. The forum aims to strengthen and showcase the plethora of business opportunities awaiting ambitious companies in Laos.
Date: November 8, 9, and 10, 2023
Venue: November 8-9 at Lao Plaza Hotel, Vientiane and November 10 at SEZ Savan Park, Savannakhet
Join us for three days of in-depth networking, enlightening discussions, and captivating discoveries. Prominent experts will offer insights into the burgeoning Laotian market, highlighting high-growth sectors and areas of opportunity.
Reasons to Attend:
- Discover Business Avenues: Explore the dynamic emerging business opportunities in Laos.
- Network with Key Players: Engage with industry leaders, governmental representatives, and potential collaborators.
- Gain Market Insights: Understand the nuances of the Laotian business environment and maximise your success.
The event will see the participation of high-calibre delegates, influential speakers, and forward-thinking companies, all geared towards tapping into the mutual benefits between France and Laos.
Don’t miss this unparalleled opportunity to be a part of the dialogue that shapes the future of Franco-Lao economic partnerships.
For additional details or inquiries, kindly contact us at: contact@forumfrancelaos.org.
Hashtag: #FranceLaosEconomicForum
The issuer is solely responsible for the content of this announcement.
About Lao National Chamber of Commerce and Industry (LNCCI):
Lao National Chamber of Commerce and Industry established in 1989 is an independent body which represents the business community in Lao PDR. It is the nexus between state and private enterprises and represents employers, groups and joint ventures across all agencies that have been established under the laws of Lao PDR. It currently has more than 4000 members represented through Chambers of Commerce in 18 provinces and business associations and groups. That makes LNCCI the largest and most representative business community in Lao PDR
About French Foreign Trade Advisors in Laos (CCE Laos):
The committee comprises eight members, all of whom are business leaders or executives with extensive international exposure and a deep understanding of the Lao market. The committee’s mission spans advising public authorities, supporting French companies in their international endeavours, educating on international trade, and promoting France’s economic attractiveness.
Facebook: https://www.facebook.com/profile.php?id=61550705365746
LinkedIn: https://www.linkedin.com/company/forum-economique-france-laos
Lao children Pay Homage to Their Teachers Through Art

In a heartwarming display of gratitude, more than 1,000 children from across Laos celebrated their teachers through a showcase of artwork.
Hootsuite and KAWO Announces Strategic Partnership to Further Expand Global Brands’ Access to China
Partnership deepens collaboration between the leading social media management companies in China and the rest of the world, which today provides unparalleled real-time insights into social media campaigns in China for international brands and marketers.
- China’s vast social media network comprises over 1.02 billion users, and projections estimate that the number of users will grow to 1.2 billion by 2027.
- This partnership will ensure that users are able to create, manage and oversee content, obtain and analyse real-time data, and report across all global and China social media networks in a single platform.
- International brands will benefit by gaining a deeper understanding of the impact of their social media campaigns in China and applying the learnings towards improving ongoing and future campaigns.
SHANGHAI, CHINA – Media OutReach – 24 October 2023 – KAWO, the leading social media management platform in China, announced an expansion of its strategic partnership with Hootsuite, the global leader in social media management, to provide greater access, insights and efficiency for international brands in China. The partnership, focusing on three key verticals – education, pharmaceuticals, and financial services – builds upon an existing relationship that has enabled global marketers to manage global and Chinese social media networks within a single platform on Hootsuite.
A strategic market for many international brands, marketers are acutely aware of immense opportunities in China, which has around 1.02 billion social media users, and projections estimate that the number of users will grow to 1.2 billion by 2027. However, global marketers have long struggled with managing their social media presence in China alongside global social media networks.
The partnership will give global marketers easier access to KAWO within Hootsuite and enable them to create, manage and oversee content, obtain and analyse real-time data, and generate insightful reports across all global and China social media networks – a single platform that can manage Facebook, Instagram, Weibo, WeChat and more. Having all social networks within one dashboard enables a seamless and optimised workflow, allowing international brands to gain a deeper understanding of the impact of their social media campaigns in China and apply the learnings towards improving ongoing and future campaigns.
With real-time analysis of data and insights across all markets, marketers can leverage changing trends to create experiences that meaningfully resonate with audiences and drive performance. The unified environment also offers global marketers a holistic view of their campaign performance globally and in China, enabling them to optimise and allocate budgets more accurately.
Alex Li, Chief Executive Officer, KAWO, said, “Global marketers and brands are increasingly looking to power their campaigns and drive performance in China’s rapidly evolving social media landscape. From platform selection to creating engaging content and accurately measuring ROI, brands and marketers want cutting-edge solutions that help them be more strategic and dynamic in their local campaigns. Our enhanced partnership with Hootsuite will make it more seamless for marketers to make timely, data-driven decisions by providing much-needed visibility and understanding on a single platform, enabling them to channel their focus towards delivering engaging, impactful campaigns in China.
James Partington, Director of Partnerships Programs, Hootsuite, said, “For over 15 years, we’ve been helping brands grow online by delivering best-in-class social media tools that drive efficiency and results. We are excited to strengthen our partnership with KAWO, having seen the benefits our early collaboration/integration provides to our customers. Working together in a broader partnership, we look forward to delivering enhanced productivity in a collaborative ecosystem that will boost the competitive advantage for our customers.
A built-in-China platform, KAWO supports more than 500 global brands across a range of industries on WeChat, Weibo, Douyin, Kuaishou and Bilibili.
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KAWO
Founded in 2017, KAWO is the leading social media management platform in China. KAWO allows brands and agencies to manage social media accounts, publish content, collaborate, generate detailed data analysis reports, monitor competitors in real-time, and gain deeper insights with social media data within China’s highly specialized social media landscape.
Customers of KAWO include leading brands in consumer goods, luxury goods, professional services, technology, tourism, entertainment, sports, and B2B businesses. KAWO’s current investors include: IMG, Tiger Global Management, and Sequoia Capital China. To learn more, visit www.kawo.com.
Hootsuite
Hootsuite helps customers harness the power of social to ignite their brand and business. As the global leader in social media management, Hootsuite powers social media for brands and organizations around the world, from the smallest businesses to the largest enterprises. Hootsuite’s unparalleled expertise in social media management, social insights, employee advocacy, and social customer care empowers organizations to strategically grow their brands, businesses, and customer relationships with social media.
Hootsuite Academy, the industry-leading online learning platform, empowers education and growth through a wide range of certifications and has delivered over one million courses to over half a million people worldwide.
To learn more, visit www.hootsuite.com.