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Cyber threats strain firms with Thailand a key target

Aug 27. 2018
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COMPANIES in Thailand are being swamped by more than 5,000 alerts every day relating to cyber-security threats, with the country trailing only Vietnam as the Southeast Asian nation most in the sights of cyber criminals, a survey shows.

The survey, conducted by Cisco, found that cryptocurrencies and blockchain platform loomed as prime targets for cyber attacks in 2019.

Vatsun Thirapatarapong, managing director for Thailand and Indochina at Cisco, said that the Cisco 2018 Asia Pacific Security Capabilities Benchmark Study drew on more than 2,000 responses from executives handling computer security in 11 countries in Southeast Asia.

The study reported that, for companies in Thailand, just 37 per cent of the 5,000-plus alerts received each day are investigated. Of those investigated, on average, 32 per cent turn out to be legitimate and 37 per cent are acted upon and corrected. 

Vatsun said that cyber attacks are having a significant financial impact on companies in Thailand. Regarding these costs, 74 per cent of the respondents said that attacks on their companies cost them more than US$500,000. Some 54 per cent of companies reported that an attack cost between US$1 million and $5 million. This is much higher the regional benchmark of 33 per cent. The Internet of Things platform has been identified as a key target for attacks from cyber criminals.

More broadly, Thai companies suffer the second highest number of attacks on operational infrastructure in Southeast Asia. 

Vatsun said that to counter the cyber attacks, companies and organisation should implement first-line-of-defence tools such as a cloud security platform, employ network segmentation to help reduce outbreak exposures and adopt next-generation endpoint process monitors the cyber threats on the network.

Cisco has developed network academy programme to train cyber security experts. This is designed for senior students in universities. The firm last year trained around 300 students and plans to train 500 student in universities next year.

Kerry Singleton, director of cyber security, advanced threat solutions for Cisco, APJC, said that security enables digital transformation.

The trend is cyber against cryptocurrencies and the blockchain platform in 2019 in various forms such as ransomeware and malware. Companies in the financial services sector, as well as those in oil and gas, are at high risk of attacks, Singleton said.


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