Chubb study shows SME risks in digital business

Chubb has launched a recent report titled Digital Business Accelerated, which explores how increased digitalisation impacts small and mid-sized businesses and the emerging risks in digital transformation – a transition that has accelerated during the ongoing pandemic.

Chubb partnered with Accenture to survey small and mid-sized businesses in nine markets around the world. Through a survey of 1,350 respondents across diverse industries, the results revealed four mega-trends that impact businesses pursuing digital transformation.

Approximately half of the respondents are focusing on seamless on-demand delivery of products and prioritising tailored products and services that meet the needs of multiple generations.

Adopting artificial intelligence technology, cloud and big data are the top three-year priorities for businesses currently.

Businesses are prioritising the development of new technology capabilities and skills among employees amidst increasing competition to hire and retain workers with the relevant skills. Finally, about 41 percent digiare prioritising offering products or services internationally.

“The global pandemic has forced many businesses to accelerate their dependence on digital and pivot their operations,” said Doug White, president of Chubb’s general insurance business in Hong Kong & Macau. “Digital has changed from being a driver for growth and/or efficiency to becoming a lifeline for all types of businesses. Yet digitalisation comes with significant risks like increased cyber security threats to additional liability challenges. Chubb will work alongside with SMEs to provide the advice and protection they will need to build resilient digital businesses.”