Thailand Develops Cyber Fraud Insurance Amid Rising Cyber Threats

[snoop1130]

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Thailand's National Cyber Security Agency (NCSA) is spearheading the creation of a cyber fraud insurance framework to combat the growing threats from cyber-attacks and data breaches. This initiative aims to aid organisations in managing risks tied to the Cybersecurity Act and the Personal Data Protection Act (PDPA).

 

NCSA Secretary General, Amorn Chomchoey, highlighted the lack of a comprehensive framework for cyber fraud insurance in Thailand, despite its urgent necessity. Such insurance is intended to protect against financial loss from cyber threats like phishing, identity theft, and data breaches—a common service in other markets.

 

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 this insurance. The OIC’s role is crucial in establishing criteria to support the service's implementation.

 

 

Notably, previous efforts by a major mobile operator in Thailand involved independently offering compensation for compromised customer data. Meanwhile, the need for a structured approach is underscored by findings from the Thailand Computer Emergency Response Team, which documented nearly 1,827 cyber-attack cases last year.

 

Amorn's vision for a formalised framework aims to enhance cybersecurity awareness and help enterprises better manage cyber risks, safeguarding both business interests and personal data in Thailand's evolving digital economy.

 

-- 2025-01-06

 

 

[John Drake]

3 hours ago, snoop1130 said:

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 this insurance.

 

What about individuals? Or would that pay off about as well as the Covid insurance that went belly up?

[Etaoin Shrdlu]

Corporate coverage for cyber risks is available from international insurers and reinsurers.

 

Convincing businesses to obtain cyber insurance would also potentially require Thai insurers to provide it, but Thai insurers have little experience with this line of insurance and have little internal capacity to insure these risks even if they wanted to.

 

Thai insurers would be reliant on international reinsurers to provide capacity and underwriting expertise. International reinsurers may not consider Thai risks in a favorable light, making obtaining this cover yet more difficult. I'm not sure what the OIC could do to change this.

 

 

 

[jippytum]

Hope the underwriters have more expertise than those that recommended insurance companies in Thailand go big on Covid coverage. Bankrupted more than one insurance company. 

[MikeandDow]

52 minutes ago, jippytum said:

Hope the underwriters have more expertise than those that recommended insurance companies in Thailand go big on Covid coverage. Bankrupted more than one insurance company. 

100% correct just another Thai scam !!!