Cyberattacks plague Thailand: Over 10 annual incidents cause significant losses

A recent survey reveals that more than half of Thai organisations have experienced over 10 cyberattack incidents in the past year, leading to significant financial losses. The report, released by US-based cloud connectivity firm Cloudflare Inc., highlights the urgent need for Thai businesses to strengthen their cybersecurity infrastructure.

According to a data breach report commissioned by IBM, the global average cost of a breach this year reached an all-time high of US$4.45 million.

Jonathon Dixon, Cloudflare’s vice president and managing director for Asia-Pacific, Japan and China, revealed that over the past year, he’s witnessed a rise in cybersecurity incidents across the Asia-Pacific, with a huge proportion targeting businesses in Thailand, more than anywhere else in the region.

The Securing the Future: Asia Pacific Cybersecurity Readiness Survey report was compiled by Sandpiper Communications on behalf of Cloudflare. The survey involved 4,009 cybersecurity decision-makers and leaders from small to large companies across 14 markets in the Asia-Pacific region, including Thailand.

The survey found that 57% of the Thai respondents reported more than 10 cyberattack incidents in the past year. Cybercriminals’ primary goal was identified as the planting of spyware, followed by financial gain and ransomware attacks.

Cyberattack incidents surge

Despite the high number of cyberattack incidents, 48% of Thai respondents felt they were well-prepared to prevent such events. However, 52% of respondents reported a lack of awareness among employees as the main challenge in enhancing cyberattack preparedness.

Cyberattack incidents have led to substantial financial losses for Thai organisations, with 65% of respondents reporting financial impacts of at least US$1 million in the past 12 months. Mid-sized organisations were particularly affected, with 76% reporting financial impacts of at least US$2 million in the same period.

In addition to financial losses, respondents cited reputational damage and customer loss as the most significant impacts on their businesses.

The aftermath of cyberattack incidents has also affected organisational operations. According to 38% of respondents, their organisations have had to scale back or restrict hybrid work, lay off staff, and postpone growth plans. Only 33% reported breaches to the relevant authorities.

The Cost of Data Breach Report 2023, an independent study conducted by the Ponemon Institute and sponsored by IBM Security, revealed that the global average cost of a data breach this year reached an all-time high of US$4.45 million, a 2.3% increase from last year.

The study analysed 553 organisations affected by data breaches between March last year and March this year across 16 different countries and regions, including the ASEAN, reported Bangkok Post.

Data breach

Investments in security are set to increase as a result of breaches, with 51% of organisations planning to invest more. The top areas identified for additional investments included incident response planning and testing, employee training, and threat detection and response technologies.

The use of security AI and automation was shown to significantly reduce costs and the time required to identify and contain breaches. Organisations using these capabilities extensively took, on average, 108 days less to identify and contain a breach, saving US$1.76 million in costs.

Finally, the healthcare industry continues to bear the brunt of data breach costs, with an increase from US$10.1 million last year to US$10.9 million this year.