ASEAN in 2022 was navigating the increasingly unpredictable world, and as we enter 2023, foresight to exercise adaptability and develop a long-term vision and strategy will be crucial for sustainable growth and progress. In today’s business environment, technology and innovation are key drivers of growth and scalability, transforming the way organisations operate and compete. More importantly, ASEAN’s enterprises are increasingly recognising the importance of sustainable development in order to balance economic growth with environmental protection and social inclusion.
In 2022, investment priorities are reflecting the growing importance of big data analytics, AI, and ML in business. These technologies enable the extraction of valuable insights from large data sets, and are often used together in various applications. As they become increasingly advanced and accessible, more enterprises are recognizing their potential and increasing investments in these areas.
With the proliferation of digital technologies and the growing reliance on the internet for conducting business, the potential risks and consequences of cyber attacks have become more severe. Enterprises are increasingly aware of the potential damage to their reputation, financial losses, and loss of customer trust that can result from inadequate cybersecurity measures.
There has been a significant increase in the number of cyber attacks and data breaches, while the implementation of stricter data privacy regulations has also placed greater emphasis on the need for enterprises to prioritise cybersecurity and protect personal data. In 2022, cybersecurity concerns have emerged as one of the top challenges in digital transformation, for 28% of ASEAN’s enterprises, as cybersecurity and privacy concerns are increasingly prioritised in their business strategies and investments.