Thailand's National Cyber Security Agency (NCSA) is actively working to establish a cyber fraud insurance framework to face the growing threats from burgeoning cyber risks and data breaches. This initiative is expected to aid organisations in the country in managing their cyber risks as detailed in the country's Cybersecurity Act and Personal Data Protection Act.
NCSA secretary general Amorn Chomchoey has said that Thailand lacks a comprehensive framework for cyber fraud insurance despite its urgent necessity. He said such insurance is intended to protect against financial loss from cyber threats like phishing, identity theft and data breaches.
According to media reports the NCSA is actively collaborating with the Office of the Insurance Commission (OIC) and other stakeholders to develop clear guidelines essential for encouraging businesses to adopt cyber insurance. The OIC’s role is crucial in establishing criteria to support the cyber insurance product’s implementation.
According to Thailand Computer Emergency Response Team the country documented over 1,830 cyber attack cases in 2023.
According to global reinsurance broker Gallagher Re the Asia-Pacific region has experienced rapid digital transformation in recent years, particularly since the COVID-19 pandemic. This has driven a corresponding increase in cyber risks, which require robust insurance solutions.
In a report, titled “Protecting the Digital Revolution — The State of the Asian Cyber Insurance Market in 2024”, issued in September 2024 Gallagher Re has detailed major drivers, challenges, reinsurance options, and prospects for the cyber insurance sector in the APAC region.