Thailand 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 85 million THB (2.5 million USD) each day this year.

It has emphasised the necessity to address this pressing issue as global damage from cybercrime threats continues to balloon. Predicted to top 8 trillion USD by 2023, the urgent necessity to curtail cyber threats is globally acknowledged.

According to SET, 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.

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.

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./.

Source: Vietnam News Agency