Welcome back to Continuum Risk Update. Every Friday we pull the top Asia headlines on digital-asset regulation, cyber risk, industry moves and insurance signals, with concise takeaways and practical actions for insurers and corporate risk teams.
1) Regulatory
One year on from “Liberation Day” — APAC counts the costApril 2 marked the first anniversary of Trump’s sweeping tariff announcements. While several Southeast Asian markets negotiated rates down to 19-20%, the structural disruption has been lasting: supply chains have been rerouted, bilateral trade patterns reshuffled, and geopolitical alignments tested. New USTR Section 301 investigations launched in March add fresh uncertainty. For APAC insurers and risk teams, the tariff regime has materially complicated cross-border trade credit, supply chain, and political risk underwriting.
2) Hacking & Physical Risks
DPRK-linked hackers drain $285M from Drift Protocol in largest DeFi hack of 2026On April 1, attackers believed to be North Korean state actors drained approximately $285 million from Solana-based Drift Protocol — the largest DeFi exploit of 2026 and the second-largest in Solana’s history. The attack combined months of social engineering against multisig signers, oracle manipulation, and a zero-timelock governance exploit that executed in just 12 minutes. Drift suspended deposits and withdrawals immediately. The incident extends the DPRK’s record as the world’s most prolific crypto theft operation.
March 2026 crypto hack losses reach $52M across 20 incidentsPeckShield’s monthly tally confirmed that March 2026 saw $52 million lost across 20 major crypto exploits, with the Resolv Labs USR minting attack and several cross-chain bridge vulnerabilities accounting for the bulk of losses. The figures underscore a sustained pattern of elevated DeFi risk heading into Q2, with Q1 2026 total losses now exceeding $189M.
3) Industry & Markets
Sanlam acquires additional stake in India’s Shriram Life InsuranceSanlam Emerging Markets completed its acquisition of a 14.72% stake in Shriram Life from Piramal Finance, closing as targeted by March 31. The deal reflects continued international appetite for Indian life insurance assets as the market expands, and fits the broader pattern of cross-border stake accumulation in APAC emerging market insurance businesses that defined deal activity in 2025.
4) Insurance Spotlight
Triple-I and Fenix24: insurers are the target — and many are underpreparedPublished April 2, the joint Insurance Information Institute and Fenix24 report “Cybersecurity for Insurers: Squaring Safety with Service” found that while P&C insurers have invested meaningfully in cybersecurity, critical gaps remain. Only around half deploy security patches monthly, most have not tested recovery plans specifically for ransomware scenarios, and authentication weaknesses persist across the sector. The findings are pointed: insurers who underwrite cyber risk are themselves exposed to the same threats they price — and regulators are beginning to take note.
