Thailand’s SET warns of escalating cybercrime

The Research Department of the Stock Exchange of Thailand (SET) has provided a stark warning about the escalating threat from cybercriminals. The department estimates that cybercrime inflicts daily approximate damage of 772 billion baht worldwide, with Thailand alone likely to suffer losses of around 85 million baht each day this year.

In 2023, as many as 61 million Thai citizens are using the Internet, constituting a staggering 85.3% of the nation’s total populace, surpassing the worldwide average of 64.4%. And Thais are Internet-obsessed, spending on average seven hours per day on the Internet. That puts them within the top ten nations globally relative to Internet usage and makes Thailand prone to cybercrime.

The department urges Thai users to exercise caution given the steep increase in smartphone transactions which exposes them to a higher risk online. Cybercriminals can easily access ‘backdoors’ into their lives if Thai users fail to use adequate online protection measures and safeguards.

The department emphasizes the necessity to address this pressing issue as global damage from cybercrime threats continues to balloon. Predicted to top US$8 trillion by 2023, the urgent necessity to curtail cyber threats is globally acknowledged.

A 2022 survey by the World Economic Forum revealed that a staggering 95% of corporate leaders rank cybersecurity as a critical priority. Ranking cybersecurity as a crucial part of organisational risk management strategies is increasingly becoming a fundamental necessity.

The burgeoning threat of cybercrime continues to escalate in Thailand. The country recorded 218,210 complaints relating to cybercrime threats within just one year. Assessed damage from these incidents equated to 31.5 billion baht or 85 million baht each day. Most of these cybercrimes were personal frauds executed by call centre gangs.

Cyber fraud activities encompassing online purchases, loan shark applications, Ponzi schemes, and investment scams have led to a swell in related lawsuits.

As for damages sustained at the organisational and agency level, a report by Thailand’s National Cyber Security Agency (NCSA) reveals that 551 cyber threat incidents occurred from October 1, 2021, to September 30, 2022. Two in three incidents were cyberattacks against government agencies and other critical institutions through hacked websites.

Educational institutions and public health agencies were the most targeted, reflecting a significant rise in cyber-attacks. On occasions, these breaches led to major systems disruptions and leaked data. These incidents can have a painful effect as it takes considerable time to rectify the situation.

SET’s Research Department advises reinforced awareness about cyber threats. It recommends stringent scepticism against investments yielding abnormally high returns. It encourages investors to verify information directly from the respective authorities. Furthermore, it cautions against rushing into any transaction or investment without undertaking due diligence. These steps, it maintains, would significantly bolster defences to counter cyber threats, reported Bangkok Post.