BoT urges banks to step up cybersecurity

Commercial banks are being urged to strengthen their cybersecurity measures amid a global rise in cyberthreats involving artificial intelligence (AI) over the past 1-2 weeks.

According to Bank of Thailand governor Vitai Ratanakorn, the central bank met with commercial banks on Monday to discuss ways to strengthen cybersecurity systems and enhance their preparedness and defensive capabilities in response to the growing threat of cyber-attacks and financial crime worldwide.

The meeting brought together representatives of the Thai Bankers' Association (TBA), banks' chief information technology officers (CIOs) and the Thailand Banking Sector Computer Emergency Response Team (TB-CERT), which operates under the TBA.

"Cyberthreats have been increasing globally, and Thailand has also seen more attempts to infiltrate banking systems. So far, banks' existing security systems have been able to withstand these attacks, allowing financial services to continue operating normally," Mr Vitai said.

Hackers have attempted to target Thailand's financial system using methods similar to those reported in other countries, seeking to gain access through third-party service providers and outsourced companies that work with banks.

The central bank has instructed financial institutions to tighten their cybersecurity controls and improve incident-reporting procedures. Banks are required to report suspicious activities and potential cyber-attacks daily to facilitate closer monitoring, faster assessments and information sharing among financial institutions and the Bank of Thailand.

Mr Vitai said the central bank and financial institutions had been closely monitoring the situation and coordinating their responses over the past week, including throughout the weekend.

"The situation in Thailand remains manageable, and there is no immediate reason for the public to panic over potential disruptions to banking services or to consider withdrawing cash or stockpiling food," the governor said.

He added that banks had continued to invest in cybersecurity systems, while the latest meeting aimed to raise awareness of emerging threats and accelerate efforts to strengthen their cyberdefences.

CYBERSECURITY PUSH

Separately, Finance Minister Ekniti Nitithanprapas said on Monday that the government had been raising countermeasures to the highest level in response to growing cyberthreats.

He said he had held discussions with the central bank governor over the past weekend regarding cyberthreats targeting Thailand's financial institutions. He had also discussed the matter with the TBA to prepare for potential attacks.

"Cyber-attacks can now occur across every sector of the economy. As a result, the Ministry of Digital Economy and Society and the National Cyber Security Agency have stepped up cybersecurity measures across all sectors, not just the financial industry," he said.

Regarding the financial sector, Mr Ekniti said the TBA and the central bank were working together to strengthen cybersecurity measures to the highest level, following reports of cyber-attacks targeting financial institutions overseas.

"We have received reports from the central bank's governor and the TBA that cyber-attacks have been occurring continuously. However, we have seen an increase in attacks recently, prompting us to step up our defensive measures. Nevertheless, we are not taking this matter lightly, as it is a global problem," he said.

Meanwhile, Payong Srivanich, chairman of the TBA, added that since Nov 7, the TBA and various financial institutions, including Kasikornbank and Krungthai Bank, had issued statements to reassure the public about the cybersecurity of Thailand's financial system.

The financial sector has established a centralised system known as TB-CERT, which serves as a central cybersecurity coordination platform for Thai financial institutions and is connected to the Bank of Thailand to help monitor and safeguard the system.

He added that financial institutions had also coordinated with the National Cyber Security Agency and other industrial sectors to conduct cross-industry monitoring.

This is necessary because banking systems are interconnected with partner organisations through various integrations and external connections. Therefore, clear rules and protocols must be established to monitor different patterns of activity and identify potential threats.

In addition, financial institutions have emphasised the need for all relevant parties to continuously update their software to ensure that every system is updated in a timely manner, given the increasingly rapid evolution of cyberthreats.

Mr Payong said that although the banking sector had been targeted by cyber-attacks in the past, it had successfully defended itself through proactive measures.

"We must emphasise that we have raised our vigilance to the highest level. The Bank of Thailand has issued instructions directly to the CEOs of each bank, as well as through their respective CIOs. A video conference between the Bank of Thailand and the CIOs of all banks is also scheduled at noon on Monday," he said.