Bank of Thailand urges financial institutions to heighten cyber defenses

The Bank of Thailand (BoT) has instructed financial institutions to intensify cybersecurity measures following recent information technology disruptions and cyberattacks on financial entities abroad. Suwannee Jessadasak, Deputy Governor for Financial Institutions Stability, stated that while no impact on Thai financial services has been detected, the central bank is closely monitoring the situation.

To ensure preparedness, the BoT convened a meeting with Chief Information Officers (CIOs) from all financial institutions, the Thailand Banking Sector CERT (TB-CERT), and the Thai Bankers Association (TBA). The meeting focused on increasing the intensity of defensive measures, monitoring potential threats, and exchanging relevant information to align with current risk levels.

In response to global trends where cyberattacks have affected government agencies, hospitals, and infrastructure in Europe and parts of Asia, Thai institutions are emphasizing Business Continuity Plans (BCP) and regular emergency drills for critical payment systems. Siam Commercial Bank (SCB) has also highlighted its readiness, utilizing its 24/7 Security Operations Center (SOC) to monitor and analyze threats, particularly those involving increasingly complex AI-driven cyberattacks.