Hong Kong cyber-hit firms report lower revenue losses than global average

QBE said 47% of Hong Kong businesses that experienced a cyber event suffered revenue loss.

Amongst Hong Kong businesses that experienced a cyber event in the past year, 47% reported revenue loss, lower than the global figure of 57%, according to QBE Insurance.

The insurer’s survey also found that 59% of Hong Kong businesses experienced a cyber event in the past 12 months, slightly above the global average of 58%. About 18% of Hong Kong firms reported business interruption lasting more than one working day.

Despite the risks, Hong Kong businesses remain highly optimistic about artificial intelligence. About 96% expect AI to have a positive impact on their operations over the next two years, whilst 81% are already using AI.

AI-enabled cyber threats are also emerging. About 27% of Hong Kong businesses reported experiencing AI-enabled cyber attacks in the past year, close to the global average of 29%.

Globally, AI-generated phishing was the most commonly reported AI-powered attack, affecting 48% of businesses that experienced AI-enabled cyber incidents. Other reported attacks included automated AI-driven vulnerability scanning, AI-generated malware, AI-assisted business email compromise, voice phishing, and deepfakes.

Hong Kong firms showed relatively strong preparedness, with 74% having cyber insurance and 86% having an incident response plan.

QBE said cyber risk has become a routine business issue, with incidents often leading to operational disruption and direct financial impact. It also noted that supplier involvement in cyber incidents is common, making third-party cyber and AI risk management increasingly important.

The survey covered 6,016 business decision-makers across 15 markets, including 400 respondents from Hong Kong.