30.3 C
Vientiane
Wednesday, May 14, 2025
spot_img
Home Blog Page 2767

Coface Quarterly Barometer: US leads the global recovery, emerging economies lag behind

HONG KONG SAR – Media OutReach – 6 May 2021 – More than a year after the start of the pandemic, global economic trends are uneven due to lingering uncertainties around the spread of COVID-19. The acceleration of the vaccination process, as well as its effectiveness, are key to an economic recovery. In this context, the prospects for a return to normalcy are both uneven and uncertain across sectors of activity and geography, according to the latest barometer from Coface, a leading player in the credit insurance industry.



As outlined in the barometer, Coface assumes that the economic recovery will gain momentum from the summer of 2021, when a large enough share of the population in the United States and Europe will be vaccinated. However, there is a risk of delay in the vaccine roll-out, notably due to supply constraints for manufacturers, resulting from shortages of certain components and export restrictions.

Nevertheless, Coface’s global growth forecast has been revised upwards by half a point (+5.1% for 2021), thanks to stronger than expected growth in the United States. In this more favourable macroeconomic outlook, Coface is upgrading 35 sectors of activity against only 3 downgrades.

In addition to the United States, several other sectors of the world economy – industry and global trade – are likely to return to their pre-crisis level of activity by the summer. Nevertheless, other sectors are lagging behind, notably in services and especially those that involve physical contact with customers, and across the European economies. Finally, in some major emerging economies, the recovery is also being held back by rising inflation, which is forcing central banks to tighten monetary policy.

US economy goes into “high pressure” mode

Since the beginning of 2021, the balance of surprises is tilting to the positive side, despite the many health uncertainties.

The expected growth gap between the eurozone and the United States is usual, particularly in a recovery phase. This is partly due to weaker automatic stabilizers in the US, which accelerate adjustments in employment and income.

But this time, the reasons for the for the US growth gap are different: less restrictive mobility restrictions than in the eurozone, both in 2020 and early 2021, and a more rapid vaccine deployment.


Differences in economic policy may also explain US outperformance. The US Federal Reserve (Fed) has increased the size of its balance sheet. Its asset purchase program rose by about 13% of GDP in 2020, compared with 9% for the European Central Bank (ECB). Finally, and most importantly, greater fiscal support will allow the US economy to return to its pre-crisis GDP level more quickly.

Adopted in March 2021, the new US support plan amounts to 1.9 trillion dollars (USD), and will bring the total fiscal response to the crisis to an amount equivalent to 27% of US GDP, more than any other mature economy. Coface expects that the public deficit could be up to 56 billion dollars higher than it would have been without the stimulus package.

The aim of this strategy is to put the US economy under “high pressure”, i.e. to implement expansionary monetary and fiscal policies that encourage a return to work for the least employable people (long-term unemployed or inactive due to discouragement, low-skilled people and categories of the population suffering from discrimination in hiring).

Eurozone: corporate insolvencies remain hidden

The eurozone is unlikely to return to its pre-crisis GDP level before 2022. If the main mobility restrictions are lifted by the end of the summer, this will go hand in hand with a gradual halt to business support measures, which could cause unemployment to rise. In addition, the increase in corporate debt – made possible by government-guaranteed loans – is likely to limit their investment capacity.

Until now, the main government support measures implemented in 2020 have not yet been withdrawn. Despite the stabilizing effect of government aid, the financial health of companies has deteriorated significantly in 2020, which should normally lead to an increase in insolvencies. According to Coface, insolvencies in 2020 should have increased by 19% in Spain, 7% in Italy and 6% in France and Germany. Coface estimates the number of hidden insolvencies at 44% of those recorded in France in 2019, 39% for Italy, 34% for Spain and 21% for Germany.

Emerging economies: rising inflation forces central banks to tighten monetary policy

According to the International Monetary Fund’s April 2021 forecasts, emerging economies will be more permanently affected by the current crisis than mature economies.

In 2024, GDP in emerging economies will be 4% lower than it would have been had it not been for the COVID crisis. For mature economies, the gap would be only 1% (compared to 10% following the global financial crisis). There are several reasons for this expected lag between the recovery of mature and emerging economies.

First, the vaccination process is more advanced in mature countries, even if some emerging economies are well on track, such as the United Arab Emirates, Chile and, to a lesser extent, Turkey and Morocco, where at least 10% of the population had been fully vaccinated by April 8. But apart from these few cases, the fact that the United States and Europe have acquired the majority of vaccinations means fewer doses for other countries. Among the four main vaccine-producing areas (China, the United States, Western Europe and India), the temptation to implement protectionist measures is increasingly strong. For example, India has already announced a temporary halt to the export of vaccines to prioritize vaccine deployment in India, where the number of cases has risen significantly since the beginning of March.

In addition to these uncertainties, many emerging economies are doubly hit by their exposure to economic sectors hardest hit by the crisis (tourism and transport in particular).

On the positive side, however, the rise in the price of oil and agricultural commodities is good news for economies that suffered from the opposite trend last year. In addition, the positive outlook for US consumption should fuel strong export volumes, especially among consumer goods producers.

On the other hand, the widening of the US budget deficit is encouraging capital outflows from emerging markets, as upward revisions of the US GDP growth outlook push up long-term US interest rates, narrowing the gap with its emerging market counterparts, and making the latter less attractive to financial investors. This has resulted in a depreciation of emerging currencies, notably in Turkey and Brazil.

The complete barometer is available here.

Coface: for trade

With 75 years of experience and the most extensive international network, Coface is a leader in trade credit insurance and adjacent specialty services, including Factoring, Debt Collection, Single Risk insurance, Bonding and Information services. Coface’s experts work to the beat of the global economy, helping ~50,000 clients, in 100 countries, build successful, growing, and dynamic businesses across the world. Coface helps companies in their credit decisions. The Group’s services and solutions strengthen their ability to sell by protecting them against the risks of non-payment in their domestic and export markets. In 2020, Coface employed ~4,450 people and registered a turnover of €1.45 billion.

www.coface.com

COFACE SA. is listed on Compartment A of Euronext Paris.

ISIN Code: FR0010667147 / Mnemonic: COFA

#Coface

Etiqa Launches AMBER – A Holistic Retirement Ecosystem That Supports Customers with Their Physical, Mental and Financial Health for Better Quality of Life

SINGAPORE – Media OutReach – 6 May 2021 – Today marks the launch of AMBER by Etiqa (“AMBER”), a retirement ecosystem by Etiqa Insurance Singapore. The new platform complements the insurer’s growing range of financial solutions tailored to savings and retirement planning, by offering customers a more holistic approach to life in retirement.

A recent retirement study1 conducted by Etiqa in collaboration with YouGov in October 2020 revealed inadequacies in the retirement planning landscape, namely with regards to retirement planning guidance, with 3 in 10 Singaporeans unsure how to begin, and solutions, with only 3 in 10 confident that CPF pay-outs can sustain their retirement lifestyle. Similarly, only 3 in 10 believed CPF pay-outs is sufficient to cover the potential medical costs of ageing.

As lives lengthen among the local ageing population and demand for retirement-oriented services continues to rise, AMBER seeks to educate customers about the importance and process of planning for retirement, as well as to provide viable methods to finance of a longer, more active and more fulfilling one.

Among Etiqa’s present retirement offerings is ePREMIER retirement, a retirement insurance savings plan that provides a guaranteed monthly retirement income as well as the freedom to choose one’s preferred retirement age and premium term. The policyholder enjoys protection throughout the policy term. Another soon-to-launch retirement product by Etiqa will provide coverage for age-related illnesses, and flexible retirement income options for policyholders.

Addressing in turn the physical and mental health aspects of ageing, the AMBER ecosystem also presents an array of retirement-related information and services to add value to the lives of pre-retirees and retirees. Etiqa’s retirement survey1 brought to light three pressing retirement needs among people in Singapore: to remain emotionally healthy and mentally able (98% in agreement), to be physically healthy (98%) and to be less dependent on others (97%).

Reflecting the organisation’s motto, ‘Humanising insurance’, AMBER responds to these demands with Amber Adviser, a matching service to connect customers to available local service providers based on their unique needs, from nursing homes, caregiving and nursing care to professional services such as physiotherapy and dental care. AMBER members enjoy member rates on any services booked through the platform.

AMBER also features an itinerary of diverse curated activities, including arts and crafts workshops, and yoga and fitness sessions. While creative workshops help stimulate the mind, physical exercise helps to strengthen and condition the body, a potentially preventative measure against the physical inconveniences that accompany old age. Meanwhile, participating in group activities promotes social interaction, which can support emotional and mental well-being. Member rates are available on all curated activities.

In addition to these benefits, AMBER members also gain access to exclusive promotions, gifts and platform privileges. As AMBER continues to expand, customers can look forward to new features and services towards the end of the year.

Mr Raymond Ong, Chief Executive Officer of Etiqa Insurance Singapore, shares, “Etiqa believes in supporting and empowering our customers to build the future they deserve. AMBER by Etiqa aims to help Singapore’s pre-retirees fill any gaps in their retirement plans, and give access to solutions for a happier, healthier retirement.”

Ms Jess Tan, Chief Distribution Officer, adds, “AMBER may be a new platform but the intentions behind it are certainly not. Etiqa has always been about more than just insurance, and this new channel will allow us to deliver tailored financial and lifestyle solutions to our customers more effectively.”

As part of the launch campaign, the first 150 customers who register between 6 May and 31 July 2021 enjoy free credits of AMBER Dollars worth S$100 to spend on AMBER Retirement Ecosystem services, and Etiqa eWallet credits worth S$50 when they purchase Etiqa’s retirement plan. Terms and conditions apply. More information about this promotion is available here.

Better tomorrows begin today with AMBER by Etiqa. For more information, visit the AMBER Retirement Ecosystem at www.etiqa.com.sg/amber.

Terms apply. Protected up to specified limits by SDIC.

1Etiqa’s Retirement Study was conducted by YouGov from 15 to 19 October 2020 surveying non-retirees in Singapore, with sampling based on the national representation of Singapore. The final sample size is 1,235, of which 1,158 are non-retirees.

About Etiqa Insurance Pte. Ltd. (Etiqa Singapore)

Protecting customers since 1961, Etiqa Singapore is a licensed life and general insurance company regulated by the Monetary Authority of Singapore (MAS) and governed by the Insurance Act.

The local insurer is the Singapore operating entity of Etiqa Insurance Group – a leading insurance and takaful business in ASEAN offering life and general insurance as well as family and general takaful products through its agents, branches, offices and bancassurance network in the region. Etiqa is rated ‘A’ by credit ratings agency Fitch for the group’s ‘Favorable’ business profile and ‘Very Strong’ capitalisation.

Etiqa is owned by Maybank Ageas Holdings Berhad, a joint venture company that combines local market knowledge with international insurance expertise. The company is 69% owned by Maybank, the fourth largest banking group in Southeast Asia, and 31% by Ageas, an international insurance group with footprints across 16 countries and a heritage that spans over 190 years.

#EtiqaInsurance #EtiqaSingapore

Largest global survey analyzing healthcare leaders, Philips’ Future Health Index 2021 report reveals Singapore’s ambitions for digital transformation, but staff shortages and inexperience could hinder progress

  • Findings indicate that Singapore’s healthcare leaders are prioritizing investment in artificial intelligence (AI) and are highly ambitious about shifting care delivery to the home over the next three years, but staff’s lack of experience with new technologies is impeding planning for more than half
  • 49% of Singapore’s leaders expect implementing sustainable practices in healthcare will be among the primary priorities of their role in three years’ time
  • Largest global survey of its kind features critical insights from almost 3,000 healthcare leaders across 14 countries on meeting the demands of today and their vision for healthcare three years from now

SINGAPORE – Media OutReach – 6 May 2021 – Royal Philips (NYSE: PHG, AEX: PHIA), a global leader in health technology, today announced the publication of its Future Health Index (FHI) 2021 Singapore report: ‘A Resilient Future: Healthcare leaders look beyond the crisis’. Now in its sixth year, the Future Health Index 2021 report is based on proprietary research across 14 countries, including Singapore, representing the largest global survey of its kind to analyze the current and future priorities of healthcare leaders worldwide.

Feedback from healthcare leaders – including executive officers, financial officers, technology and information officers, operating officers and more – explores the challenges they have faced since the onset of the pandemic, and where their current and future priorities lie, revealing a new vision for the future of healthcare. With a focus on patient-centred healthcare enabled by smart technology, their vision is shaped by a fresh emphasis on partnerships, sustainability and new models of care delivery, both inside and outside the hospital.

An optimistic outlook

Although still grappling with the pandemic, 84% of Singapore’s healthcare leaders are confident in their hospital or healthcare facility’s ability to deliver quality care in the next three years – which is higher than the confidence levels of healthcare leaders in Australia (66%), China (58%) and the average of those in the 14 countries that Philips surveyed (75%).

The vast majority (93%) also feel that Singapore’s healthcare system has shown resilience in how it has coped with the challenges of the COVID-19 pandemic.

“The past year has undoubtedly taken a significant toll on Singapore’s healthcare system. Frontline healthcare workers have faced greater pressure than ever before, while senior leaders have been tasked with leading their institutions in the most trying of times,” said Caroline Clarke, Market Leader and EVP, Philips ASEAN Pacific. “Yet the Future Health Index 2021 report highlights just how skillfully the country has risen to the challenge. It is encouraging to see Singapore emerging with such resilience and confidence for the future.”

Bold ambitions for shifting care from hospital to home; AI is a major focus for the future

The COVID-19 pandemic has accelerated radical shifts in care delivery for both patients and providers around the world and the report reveals that, as Singapore’s healthcare leaders consider what comes next, they are pragmatic about where and how care is delivered.

Healthcare leaders anticipate that, three years from now, on average about a quarter (26%) of routine care delivery will take place outside the walls of Singapore’s hospitals and healthcare facilities, up from around 20% today.

Singapore’s healthcare leaders are also highly ambitious about shifting care delivery to home settings. While those surveyed said that just 19% of routine care being provided outside of the hospital is currently delivered in the home, they predict that 45% will be delivered at home three years from now – a bold target, which is far higher than any of the other countries that Philips surveyed (17% 14-country average) and the APAC[1] average (18%).

Singapore is leading the way in championing AI, too; nearly three in four of Singapore’s healthcare leaders (71%) say that this is one of the digital health technologies that they are currently investing in – again far above the average healthcare leader across the 14 countries surveyed (36%) and in APAC (46%).

AI investment in Singapore is currently focused primarily on administrative tasks like automating documentation, scheduling appointments and improving workflow, above clinical and diagnostic applications. However, this looks set to change in the near future, as Singapore’s healthcare leaders plan to invest in AI for clinical decision support (35%), to predict outcomes (33%) and to integrate diagnostics (28%).

Skills gaps must be addressed to achieve digital transformation

Despite these bold ambitions, staff inexperience and staff shortages could impede progress if not urgently addressed.

Philips’ research found that staff’s lack of experience with new technologies ranks among the top internal barriers to future planning in Singapore, with around half of Singapore’s healthcare leaders (52%) citing it as a current impediment, whilst one in four (25%) say that staff shortages are also holding them back.

Lack of training is also cited as the biggest barrier to the wider adoption of digital health technologies by nearly half of Singapore’s healthcare leaders (47%), followed closely by difficulties with data management (43%) likely relating to high volumes of data and a lack of clarity around ownership.

“The pandemic has confirmed the viability of remote care, and it is equally encouraging to see that Singapore is placing such a big focus on AI for the future. However, it is vital that the country’s hospitals and healthcare facilities invest in adequate training and address staff shortages to move beyond purely administrative applications of these game-changing technologies and unlock their full potential,” added Caroline Clarke.

Industry poised for unprecedented move on sustainability

Philips’ Future Health Index 2021 report also finds that implementing environmental sustainability practices is set to become a dominant trend in Singapore, and globally, within the next three years.

While not a current concern for many, 49% of Singapore’s healthcare leaders expect to prioritize the implementation of sustainability practices in their hospital or healthcare facility three years from now, up from just 2% today, and in line with the trend seen across healthcare leaders in the 14 countries surveyed (58% three years from now, up from 4% today globally).

Since 2016, Philips has conducted original research to help determine the readiness of countries to address global health challenges and build efficient and effective health systems. For details on the Future Health methodology and to access the Future Health Index 2021 report in its entirety, visit: https://www.philips.com.sg/a-w/about/news/future-health-index/reports/2021/healthcare-leaders-look-beyond-the-crisis.html.



[1] APAC countries surveyed for FHI 2021: Australia, China, India, Singapore

About Royal Philips

Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people’s health and well-being and enabling better outcomes across the health continuum – from healthy living and prevention, to diagnosis, treatment and home care. Philips leverages advanced technology and deep clinical and consumer insights to deliver integrated solutions. Headquartered in the Netherlands, the company is a leader in diagnostic imaging, image-guided therapy, patient monitoring and health informatics, as well as in consumer health and home care. Philips generated 2020 sales of EUR 19.5 billion and employs approximately 77,000 employees with sales and services in more than 100 countries. News about Philips can be found at www.philips.com/newscenter.

#Philips

Largest global survey analyzing healthcare leaders, Philips’ Future Health Index 2021 report reveals APAC’s ambitions for digital transformation, but staff shortages and inexperience could hinder progress

  • Findings indicate that APAC’s healthcare leaders are championing predictive analytics, but staff’s lack of experience with new technologies is impeding planning for more than half
  • Anticipation of care delivery outside the hospital in the future, but some in the region are not prioritizing virtual care now
  • Largest global survey of its kind features critical insights from almost 3,000 healthcare leaders across 14 countries on meeting the demands of today and their vision for healthcare three years from now

SINGAPORE – Media OutReach – 6 May 2021 – Royal Philips (NYSE: PHG, AEX: PHIA), a global leader in health technology, today announced the publication of its Future Health Index (FHI) 2021 report: ‘A Resilient Future: Healthcare leaders look beyond the crisis’. Now in its sixth year, the Future Health Index 2021 report is based on proprietary research across 14 countries, including the APAC region (Australia, China, India, and Singapore), representing the largest global survey of its kind to analyze the current and future priorities of healthcare leaders worldwide.

Feedback from healthcare leaders – including executive officers, financial officers, technology and information officers, operating officers and more – explores the challenges they have faced since the onset of the pandemic, and where their current and future priorities lie, revealing a new vision for the future of healthcare. With a focus on patient-centred healthcare enabled by smart technology, their vision is shaped by a fresh emphasis on partnerships, sustainability and new models of care delivery, both inside and outside the hospital.

A mixed outlook

According to Philips’ report, nearly three quarters (72%) of APAC healthcare leaders are confident in their hospital or healthcare facility’s ability to deliver quality healthcare in the next three years. Although this is overwhelmingly positive after the challenges of the pandemic, APAC’S confidence levels are slightly below the average (75%) healthcare leader across the 14 countries that Philips surveyed.

The Future Health Index 2021 report also reveals significant differences in optimism across the APAC region, with many more healthcare leaders in Singapore (84%) feeling confident, compared to those in China (58%) and Australia (66%).

“APAC’s healthcare systems have all shown resilience in their responses to the pandemic, however when it comes to confidence about the future, we’re seeing a mixed picture – with Singapore pulling ahead of other countries across Asia,” said Caroline Clarke, Market Leader and EVP, Philips ASEAN Pacific. “While crisis response will continue to be a priority for many healthcare leaders in the months ahead, it is important that they look to the future too, to ensure that they don’t fall behind in technology upgrades and progress towards healthcare digitization.”

Increased anticipation of care delivery outside the hospital, but some in region failing to prioritize virtual care now

The COVID-19 pandemic has accelerated radical shifts in care delivery for both patients and providers around the world and the Future Health Index 2021 report reveals that, as APAC’s healthcare leaders consider what comes next, many are pragmatic about where and how care is delivered.

APAC’s healthcare leaders expect that, three years from now, on average around a quarter (25%) of routine care delivery will take place outside the walls of a hospital or healthcare facility, up from 22% today.

Despite this, prioritization of virtual care is patchy across the region. Healthcare leaders in India are among the most likely of all countries surveyed to currently prioritize a shift to remote/virtual care (75%) – well ahead of the average healthcare leader response across the 14 countries surveyed (42%). However, countries in the rest of region are lagging behind with only around four in ten in Singapore (40%), around one in three in China (32%) and about one in four in Australia (27%) making it a current priority.

The fall-out of dealing with COVID-19 could be what is distracting APAC’s healthcare leaders from making remote/virtual care a greater focus, with more than half (60%) saying that preparing to respond to crises is their primary priority right now and 58% citing the pandemic as the main external factor that is impeding their ability to plan for the future.

There are also regional disparities in terms of how and where virtual care will be delivered in the future. Singapore is blazing the trail for shifting routine care from hospitals to home settings – while those surveyed in Singapore said that just 19% of routine care being provided outside of the hospital is currently delivered in the home, they predict that 45% will be delivered at home three years from now, a bold target which is far higher than the APAC[1] average (18%).

By comparison, despite healthcare leaders overwhelmingly prioritizing a shift to remote/virtual care in India, only 5% see the home as a prominent location for routine care delivery there three years from now. Instead, most feel that ambulatory primary care centers like urgent care and walk-in clinics (57%) and out-of-hospital procedural environments like ambulatory surgical centers and office-based labs (33%) will be the focus in India.

Predictive analytics a major focus for the future, but skills gaps must be addressed first

APAC’s healthcare leaders are second only to healthcare leaders in Europe when it comes to championing predictive analytics; 27% of APAC healthcare leaders agree that their hospital or healthcare facility needs to invest in implementing predictive technologies, like artificial intelligence (AI) and machine learning to be prepared for the future. This is behind Europe’s 36% but far above the Middle East & Africa’s 6%.

The investment in AI by APAC healthcare leaders is currently focused primarily on administrative tasks like automating documentation, scheduling appointments, and improving workflow, above clinical and diagnostic applications. However, this looks set to change in the near future as APAC’s healthcare leaders look to invest in AI to predict outcomes (33%), integrate diagnostics (33%) and for clinical decision support (26%) in three years.

Despite these ambitions, staff inexperience and staff shortages could impede progress, if not urgently addressed. Staff’s lack of experience with new technologies ranks among the top internal barriers impeding their ability to prepare for the future, with about half of APAC’s healthcare leaders (51%) citing it as a current impediment, whilst around one in four (26%) say that staff shortages are holding them back.

Lack of training is also cited as one of the biggest barriers to the wider adoption of digital health technologies by nearly one third (30%), as are difficulties with data management (41%), likely relating to high volumes of data and a lack of clarity around ownership.

“The pandemic has confirmed the viability of remote care but dealing with the current crisis could be preventing many of APAC’s healthcare leaders from prioritizing this as much as they otherwise would. Likewise, staff inexperience and skill shortages risk hindering further digitization in the region if not urgently addressed. It is vital that APAC’s healthcare leaders invest in the right training to move beyond purely administrative applications of these game-changing technologies to unlock their full potential in the future,” added Caroline Clarke.

Industry poised for unprecedented move on sustainability

Philips’ Future Health Index 2021 report also finds that implementing environmental sustainability practices is set to become a dominant trend in APAC, and across the 14 countries surveyed, within the next three years.

While not a current concern for many, 49% of APAC’s healthcare leaders expect to prioritize the implementation of sustainability practices in their hospital or healthcare facility three years from now, up from just 5% today.

Since 2016, Philips has conducted original research to help determine the readiness of countries to address global health challenges and build efficient and effective health systems. For details on the Future Heath methodology and to access the Future Health Index 2021 report in its entirety, visit: https://www.philips.com.sg/a-w/about/news/future-health-index/reports/2021/healthcare-leaders-look-beyond-the-crisis.html.



[1] APAC countries surveyed for FHI 2021: Australia, China, India, Singapore

About Royal Philips

Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people’s health and well-being and enabling better outcomes across the health continuum – from healthy living and prevention, to diagnosis, treatment and home care. Philips leverages advanced technology and deep clinical and consumer insights to deliver integrated solutions. Headquartered in the Netherlands, the company is a leader in diagnostic imaging, image-guided therapy, patient monitoring and health informatics, as well as in consumer health and home care. Philips generated 2020 sales of EUR 19.5 billion and employs approximately 77,000 employees with sales and services in more than 100 countries. News about Philips can be found at www.philips.com/newscenter.

#Philips

Chubb report reveals the risk and uncertainty faced by small and mid-sized businesses as they increasingly conduct business digitally

SYDNEY, AUSTRALIA – Media OutReach – 6 May 2021 – Chubb has released a new report, “Digital Business Accelerated,” which explores how small and mid-sized businesses are managing their digital transformation – a transition that has accelerated in the wake of COVID-19.

Chubb partnered with Accenture to survey small and mid-sized businesses in nine markets around the world, including Australia. Through a survey of 1,350 respondents across diverse industries, the results revealed four mega-trends that impact businesses pursuing digital transformation. These are: navigating digital customer demands, harnessing the power of data, supporting a transformed workforce and playing in the global marketplace.

“To navigate the new normal, many small and mid-sized companies have pivoted their businesses digitally,” said Mike Hooton, Head of Small Commercial and Middle Market Division for Chubb Insurance Australia Limited. “Embracing digital transformation can help companies survive and thrive, but it also comes with significant risk. From product liability to increased cyber security threats, Australian business owners need to review their risk mitigation plans to ensure they have the necessary protection in place as they seize digital opportunities.”

Specific digital business priorities and associated risks among the four trends include:

  • Navigating digital customer demands: approximately half of the respondents are focusing on seamless on-demand delivery of products;
  • Harnessing the power of data: adopting AI technology in processes is the top priority for Australian small to mid-sized businesses;
  • Supporting a transformed workforce: 77% of businesses are focused on providing flexible, remote work solutions; and
  • Thriving in the global market: 41% are prioritising offering products or services internationally.

Marianne Hutchinson, Insurance Lead for Australia at Accenture, said, “Following COVID-19, small and mid-sized businesses will look to embrace data and technology to grow, improve customer experience, operate more efficiently and become more flexible and resilient with digital processes and services. We’re excited to be collaborating with Chubb on new insights to support Australian businesses in a rapidly changing, digital future.”

To learn more about the report and how small and mid-sized businesses can assess their new digital business risk exposures and insurance needs, visit chubb.com/digitalbusiness/au

About Chubb

Chubb is the world’s largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs more than 30,000 people worldwide. Additional information can be found at: www.chubb.com.

#Chubb

Laos Confirms 46 New Cases of Covid-19

Covid-19 Update

Laos has confirmed 46 new cases of Covid-19, bringing the total number of cases in the country to 1,072.

Trend Micro Announces Next Generation ICS Endpoint Security Solution

Specially designed to provide cybersecurity without interruption to ICS environments

 

HONG KONG SAR – Media OutReach – 5 May 2021 – Trend Micro Incorporated (TYO: 4704; TSE: 4704), a global cybersecurity leader, today announced a first-of-its-kind OT-native endpoint security solution, provided as part of its total security solution for smart factories. Developed by TXOne Networks, TXOne StellarProtectTM is designed to secure all OT endpoints, regardless of environmental conditions, for any mission-critical ICS environment.

The massive number of ICS endpoints in these working environments provides a large variety of attack surfaces, as they often include many unpatched or otherwise vulnerable devices. Disruption of these endpoints causes significant problems for manufacturers and can jeopardize the entire operation. According to the Trend Micro 2020 annual cybersecurity report, the manufacturing industry became a primary target for highly infectious ransomware attacks, making it more important than ever to secure these assets with technologies tailored to their purpose (https://www.trendmicro.com/vinfo/us/security/research-and-analysis/threat-reports/roundup/a-constant-state-of-flux-trend-micro-2020-annual-cybersecurity-report).

“The ugly truth of ICS endpoint security is that there has not been any security solution specifically designed for the high-availability needs of modernized equipment in the OT environment,” said Akihiko Omikawa, executive vice president of IoT security for Trend Micro and chairman of TXOne Networks. “Cybersecurity solutions for ICS endpoints must consider three elements to meet industry expectations: low impact to performance, zero interruption, and all-terrain protection.”

The unique needs of the shop floor environment create challenges to finding protections that secure the work site while still giving the necessary priority to performance. Traditional solutions, such as signature-based antivirus, can identify known threats but require constant internet connectivity and frequent updates, which is simply not possible for mission critical assets. Advanced machine learning-based solutions are able to identify anomalies and unknown threats quickly, but have a high rate of producing false positives that can easily interfere with operations. While application control or lockdown-based solutions are more streamlined and their trust list makes deployment straightforward, they also rigidly limit a machine to a specific purpose and so are only ideal for fixed-use systems. These single technology solutions serve many useful purposes, however are unable to provide the adaptivity necessary to both safeguard and accommodate the operational integrity of assets dedicated to production.

TXOne StellarProtectTM delivers uniquely ICS-native endpoint protection against both known and unknown malware via machine learning and ICS root of trust. To avoid redundant security scans and ensure minimal impact to performance, ICS root of trust collects over 1,000 ICS software certificates and licenses and verifies them in advance. StellarProtect requires no internet connection to defend against malware-free attacks due to its least privilege-based policies. Operational interruption from malicious attacks or even mis-operation by personnel is prevented by its built-in ICS application behavior learning engine.

“ICS endpoint security solutions must accommodate the needs of OT environments, not the other way around,” said Dr. Terence Liu, General Manager for TXOne Networks. ” TXOne StellarProtectTM is setting a new milestone for endpoint protection in ICS security. We look forward to helping customers mitigate cyber risk in their environments without any disruption or adjustments.”

To find out more about Trend Micro’s security solutions for the smart factory, please visit: https://www.trendmicro.com/en_hk/business/solutions/iot/smart-factory.html.

To find out more about TXOne StellarProtectTM, please visit: https://www.txone-networks.com/en-global/products/index/stellarprotect

About Trend Micro

Trend Micro, a global cybersecurity leader, helps make the world safe for exchanging digital information. Fueled by decades of security expertise, global threat research, and continuous innovation, Trend Micro’s cybersecurity platform protects hundreds of thousands of organizations and millions of individuals across clouds, networks, devices, and endpoints. As a leader in cloud and enterprise cybersecurity, the platform delivers a powerful range of advanced threat defense techniques optimized for environments like AWS, Microsoft, and Google, and central visibility for better, faster detection and response. With 7,000 employees across 65 countries, Trend Micro enables organizations to simplify and secure their connected world. www.trendmicro.com.hk

#TrendMicro

About TXOne Networks

TXOne Networks is an Industrial IoT joint venture of Trend Micro Incorporated, a global leader in cybersecurity solutions, and Moxa, a leader in industrial communication and networking. TXOne Networks offers adaptive solutions to secure industrial machinery, ensuring the safety and reliability of industrial control networks from cyberattacks. www.txone-networks.com

#TXOneNetworks

4ARTechnologies – Market Leader in Art Security and Digitization Develops the World’s First Secure NFT for Physical and Digital Artworks

ZUG, SWITZERLAND – Newsaktuell – 5 May 2021 – 4ARTechnologies, the market leader in art security and digitization announces the next sensation: “We give art creators and collectors the exclusive opportunity to create the world’s only secure NFT with our technology.” – CEO Niko Kipouros.

CryptoPunk 4ARTechnologies​. 4ARTechnologies – Market Leader in Art Security and Digitization Develops the World’s First Secure NFT for Physical and Digital Artworks ​

We are witnessing the next chapter in art history with NFTs- Beeple sold a digital work for nearly USD 70 million. Cryptopunks, initially generated for free, are now worth millions.

Experienced art & technology specialist 4ARTechnologies is now expanding its patented all-in-one solution for the highly complex NFT landscape. The technology has already brought a revolution for security, efficiency and transparency to the global art industry since 2019 and already accompanies challenging projects with leading institutions such as Munich RE, Ergo Insurance, AON and hasenkamp.

With the new expansion, the company offers the safest and easiest entry into the world of NFTs for any of the more than 25 million creating art players worldwide to swiftly position themselves in the new market and thereby profit in the long term.

Among the new unique features for the art market are: the innovative creation and securing of an NFT at the touch of a button, managing and presenting one’s own art collection in a dedicated virtual showroom for unparalleled and secure marketing and connecting popular blockchain protocols such as Ethereum and Tezos.

About 4ARTechnologies

With the goal of protecting the cultural heritage of art for future generations and bringing the global art market into the digital age, 4ARTechnologies is setting a new digital standard for the art world. The company combines the blockchain with its patented technology and offers all art world participants more transparency, security and efficiency.

https://www.4art-technologies.com/services

#4ARTechnologies