Thailand Takes a Tough Stance on Cybercrime

Introduction

With the rapid growth of technology and the internet, cybercrime has become an increasingly significant threat worldwide. Thailand is no exception, with nearly 80% of reported cybercrimes attributed to phishing attacks. In response, the country is taking a tough stance on cybercrime as global experts warn of an increasing threat.

The Cost of Cybercrime

According to recent reports, the cost of cybercrimes globally is predicted to reach USD $8 trillion by 2023, up from USD $6.5 trillion in 2022 and USD $10.5 trillion by 2025. Thailand has not been immune to this trend, with over 120,000 phone numbers and 60,000 bank accounts frozen in the country last year.

Efforts to Disrupt Criminal Channels

The Thai police force, Digital Economy and Society Ministry, and various agencies have led efforts to disrupt criminal channels, resulting in the suspension of numerous online scams, ransom demands, computer hacking, and sexual harassment cases. However, with over 163,000 complaints of cybercrime received by the Thai Police Online website between March and December 2022, totaling THB ฿27.30 billion in damages, it is clear that more needs to be done.

The Cybercrime Decree

Thailand’s Cybercrime Decree, enacted in March 2023, offers a new legal tool to disrupt money laundering and clamp down on cybercrime criminals and scammers by providing more severe legal measures applying to specific types of offenders. Victims can now request online payment platforms and commercial banks to freeze suspicious transactions, which platforms and banks must comply with.

Cybersecurity Laws

In addition to the Cybercrime Decree, Thailand has also introduced two cybersecurity laws in recent years: The Cybersecurity Act and The Personal Data Protection Act (PDPA). While critics have raised concerns about the government’s “sweeping powers” under the Cybersecurity Act, experts agree that these measures are necessary to combat the growing threat of cybercrime.

Protecting Yourself Online

With phishing attempts being the most common tactic used by scammers in Thailand, businesses and individuals must be vigilant when it comes to protecting themselves online. Viruses, hacking, identity theft, corporate data theft, and cyber espionage are just a few examples of the many types of cybercrime that can have devastating consequences.

Staying Ahead of the Threat

To stay ahead of the threat, experts recommend securing a robust business insurance plan with cyber insurance coverage. With over 20 years of industry experience, Pacific Prime’s expert insurance advisors are available to help find the ideal plan for your needs.

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