At the end of last week, a major incident occurred in Japan when Shinkin Bank experienced a system failure that prevented customers from conducting transactions, whether withdrawing or depositing at ATMs or bank branches. Although the bank stated it was not a cyberattack, the incident has prompted several countries to reassess how well their banking systems, including Thailand’s, are prepared for unexpected events.
On 7 Nov 2023 GMT+7, news reported that Japan declared a major emergency measure to address a surge in cyberattacks after dozens of companies became targets of hackers who accessed systems without authorization, risking customer data leaks over recent weeks. The government plans to allocate an initial budget of 10 billion yen, approximately 63 million US dollars, to enhance the country’s cybersecurity defenses.
In Thailand, Suwannee Jetsadsak, Deputy Governor for Financial Institution Stability at the Bank of Thailand (BoT), said that following IT system disruptions and cyberattacks on foreign financial institutions, BoT has been closely monitoring the situation. Currently, there is no evidence of impact on the services of financial institutions in Thailand.
To prepare for cyber threats, BoT has convened chief information officers (CIOs) from all financial institutions, along with the Technology Security Coordination Center for Banks (TB-CERT) and the Thai Bankers’ Association (TBA), to intensify cybersecurity prevention measures and monitoring of potential threats. The meeting also facilitated information exchange and risk assessments to ensure readiness aligned with the current cyber risk levels.
BoT and financial institutions will continue to closely track cybersecurity developments, prioritizing the continuity of IT and cyber systems according to established standards. They regularly conduct emergency drills for critical payment systems as part of their Business Continuity Plan (BCP) to ensure the safety of financial services for the public.
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