TB-Cert set up to cope with cybersecurity threats

In the wake of growing cybersecurity threats on the Internet, the Bank of Thailand (BoT) and 15 financial institutions under the Thai Bankers’ Association have jointly set up the Thailand Banking Computer Emergency Response Team, or TB-Cert, to share information on the threats among the banks.

Veerathai Santiprabhob, the BoT governor, said that with the TB-Cert in place members of the Thai Bankers’ Association are to exchange information on various forms of cybersecurity threats such as ransom malware, deceptions on the Internet to get important information and hackers.

Surangkana Wayuphap, director of the Electronic Transaction Development Agency of the Ministry of Information and Communication, said phishing is a form of cyber threat which has been most found.  It is the attempt to obtain important information such as usernames, passwords, and credit card details by claiming to be representing a financial institution.

Effective prevention of phishing will reduce an economic loss by about 3,000 million baht per year, she said.