Thai central bank says financial institutions are prepared to deal with the cyber threats

The Bank of Thailand (BOT) has said that domestic financial institutions have not encountered cyberattacks so far, but it has instructed them to be prepared, conduct emergency drills and monitor the situation closely.

Suwannee Jatsadasak, deputy governor for financial institutions stability, said today that the central bank is monitoring the situation following cyberattacks against financial institutions in several countries which disrupted their IT systems.

She said that the central bank had called a meeting with executives in charge of financial institutions’ IT systems, the Thai Bankers’ Association (TBA) and the Thailand Banking Sector Computer Emergency Response Team (TB-CERT) to discuss the strengthening of preventive measures, sharing relevant information, increasing vigilance and assessing the situation in preparation for cyberattacks.

She offered an assurance that the central bank and financial institutions will continue to monitor developments, maintain the IT systems and cyber security to the required standards and conduct emergency drills on continuous basis.

Meanwhile, the Siam Commercial Bank (SCB) said today that it is safeguarding the information, money and financial transactions of its customers against cyberattacks, which have become more complex through the use of AI.

The bank said it operates a Security Operations Centre, which monitors and analyses cyber threats 24-7 and coordinates rapid responses to security threats.

Meanwhile, Prime Minister Anutin Charnvirakul chaired a meeting of the National Security Council, the Anti-International Terrorism group and the National Cyber Security Agency to discuss cybersecurity and ways to cope with threats.

The meeting also discussed the latest developments in the Middle East and the fighting in Myanmar.