Thai Central Bank Warns Financial Institutions to Prepare for Cyberattacks

Bank of Thailand Warns Financial Institutions to Prepare for Cyberattacks

November 9

Following recent IT system failures internationally and cyberattacks on financial institutions, the Bank of Thailand (BOT) has instructed domestic financial institutions to tighten cybersecurity measures and prepare in advance for potential attacks.

The central bank is closely monitoring the situation, said Suwannee Jatsadasak, Deputy Governor for Financial Institutions Stability at the Bank of Thailand. She also said that, so far, no impact on Thailand's financial services has been observed.

Aiming to strengthen the country's preparedness for cyber threats, the central bank convened a meeting with Chief Information Officers (CIOs) of all financial institutions, representatives from the Thailand Banking Sector Computer Emergency Response Team (TB-CERT), and the Thai Bankers' Association (TBA).

At the meeting, participants discussed strengthening preventive and response measures against cyberattacks, monitoring potential threats, mutually sharing relevant information, and assessing whether preparations are in place that match the current risk level, it was reported.

The central bank and financial institutions will continue to closely monitor cybersecurity conditions and will place special emphasis on ensuring the continuous operation of IT and cybersecurity systems in accordance with established standards, according to reports.

In addition, prioritizing the security and confidence of the public in using financial services, emergency response drills for critical payment systems under Business Continuity Plans (BCPs) will also continue to be conducted to ensure the continuous operation of businesses, it was reported.

Ref & Photo: Khaosod

News Channel