A Lloyd's report, "Terrorism in Asia: What does it mean for business," also called for the safeguarding of supply chains and the establishment of good relations with local communities.
The report was produced jointly with the International Institute for Strategic Studies, the London-based political and military-oriented think tank. The report was released at Lloyd's 360 Risk project in Singapore.
21 February 2008: Best Wire
By Robert O'Connor
The threat of terrorism to businesses operating in Southeast Asia calls for sophisticated use of information and close attention to location and security, according to Lloyd's.
A Lloyd's report, "Terrorism in Asia: What does it mean for business," also called for the safeguarding of supply chains and the establishment of good relations with local communities.
The report was produced jointly with the International Institute for Strategic Studies, the London-based political and military-oriented think tank. The report was released at Lloyd's 360 Risk project in Singapore.
Lloyd's Chief Executive Richard Ward said terrorist threats in Southeast Asia come from criminal gangs, who are responsible for kidnappings and violence.
"There is no such thing as a uniform global threat," Ward said, "and in Southeast Asia, businesses face some complex and specific regional issues."
The better use of information will help businesses "focus on what they are actually threatened with, not reading the media headlines that usually focus on radicalism," Ward said.
Businesses should draw their information from reliable sources, the report said. These will include governments and academic institutions.
Locations should be chosen with an eye to possible indirect damage, the report said. A negative factor can be nearness to Western embassies and hotels.
Seeking good relations with local communities should extend to gaining an understanding of traditions and customs, the report said. And security should be seen "as good practice, not a burden."
The 360 Risk project was begun by Lloyd's two years ago to raise awareness of emerging risk. It has previously been held in London and New York.
Lloyd's has a current Best's Financial Strength Rating of A (Excellent).
(By Robert O'Connor, London editor)
