Thailand Strengthens Banking Cybersecurity Amid Global Attack Surge

Deputy Prime Minister and Finance Minister Ekkanit Nitantraprasat disclosed that many countries worldwide are facing major cyber attacks targeting critical infrastructure and financial institutions, which could affect people's lives and create public anxiety. He stated that cyber attacks are a global phenomenon, but Thailand is not complacent and has prepared fully, coordinating with Thai Bankers Association President Payong Srivanich and Bank of Thailand Governor Sethaput Suthiwartnarueput since November 7-8 to prepare financial institution oversight and implement close monitoring measures.

"Over the past weekend, I coordinated with both the Thai Bankers Association President and the Bank of Thailand Governor to prepare and remain vigilant. Even though cyber attacks are a global phenomenon, we are ready and working with the Bank of Thailand to implement measures to oversee financial institutions fully," Ekkanit said.

Ekkanit added that regarding concerns about attacks through partner systems or third parties connected to the core banking system, attacks can occur at any point. The Ministry of Digital Economy and Society, the National Cyber Security Agency, the Thai Bankers Association, and the Bank of Thailand have elevated readiness to the highest level to protect the public. Past reports indicate cyber attacks have been continuous and increasing recently, reflecting the need to elevate prevention measures to prevent Thailand from facing problems like other countries. The "Connect the Dots" measures go beyond just suppressing scammers or gray capital groups, but elevate cyber technology security across the entire system.

Thai Bankers Association President Payong Srivanich said the banking sector has implemented oversight and preparedness measures since November 7, both under the Association, Kasikornbank, and Krungthai Bank, with two main mechanisms: 1) The Thai Banking Sector Computer Emergency Response Team (TB-CERT) serving as the central hub linking with the Bank of Thailand to oversee and manage all financial institution systems nationwide, and 2) Cross-industry monitoring, coordinating with the National Cyber Security Agency and other industries. Although banking systems connect with many partner sectors, every connection point operates under regulations with anomaly pattern monitoring systems, emphasizing timely software version updates for all components as cyber threats evolve rapidly and occur globally.

Payong added that from past attack experiences, systems have always detected and prevented threats proactively and continuously. The Bank of Thailand has issued direct orders to CEOs and CIOs of all banks, and held video conferences with all bank CIOs to monitor the situation closely.

"I confirm that systems have strict prevention and monitoring. The public therefore has no need to panic and does not need to rush to withdraw cash at all," Payong said.