Thai organisations face frequent cyberattacks, study reveals

A recent study conducted by Cloudflare, a US-based firm specialising in content delivery, networking, and cloud cybersecurity, disclosed that 57% of Thai organisations have been targeted by at least 10 cybersecurity incidents in the past year.

The findings revealed that the primary motivation for these cybercriminal activities was to install spyware, followed by financial gain and ransomware. Interestingly, despite the prevalent cybersecurity threats, less than half of the respondents (48%) affirmed that their organisations were well-prepared to counter these attacks.

Among the challenges faced by Thai organisations, a lack of risk awareness among employees stood out, as indicated by 52% of the respondents. The financial implications of these cybersecurity incidents were quite significant. Nearly two-thirds (65%) of the surveyed organisations reported a financial loss of at least US$1 million within the past year.

Medium-sized organisations appeared to be more affected, with 76% reporting a financial impact of at least US$2 million during the same period. Alongside the financial losses, the surveyed organisations also highlighted reputational damage, data/IP loss, and loss of customers as primary business impacts.

Notably, 38% of Thai respondents stated that cybersecurity incidents had led to operational changes, including a reduction or restriction in hybrid work, layoffs, and a pause in growth plans. Interestingly, only 33% of respondents reported the breaches to the relevant authorities.

The study, titled Securing the Future: Asia Pacific Cybersecurity Readiness Survey, offers insights into the state of cybersecurity preparedness in the Asia Pacific region. The survey, conducted in July 2023, involved 4,009 decision-makers and leaders from various-sized organisations across 14 Asia Pacific markets, including Thailand.

Jonathon Dixon, vice-president and managing director for Asia Pacific at Cloudflare, noted that a significant proportion targeted Thai businesses. He emphasised the need for Thai businesses to strengthen their cybersecurity infrastructure and treat cybersecurity as a strategic priority at all organisational levels. He added that increasing employee awareness of potential risks is critical to ensuring the company’s protection against future threats, reported Bangkok Post.

In related news, cyberattacks have been plaguing Thailand, causing significant losses in 10 annual events. To find out more, read HERE!