Connect with us

Tech

Cyber Risk is the New Threat to Financial Stability

Thailand’s digital minister asked experts to help plug gaps in e-commerce security after netizens discovered personal data from more than 13 million accounts up for sale on an underground website.

Boris Sullivan

Published

on

Many of us take for granted the ability to withdraw money from our bank account, wire it to family in another country, and pay bills online.

Amid the global pandemic, we’ve seen how much digital connection matters to our everyday life. But what if a cyberattack takes the bank down and a remittance doesn’t go through?

As we become more reliant on digital banking and payments, the number of cyberattacks has tripled over the last decade, and financial services is the most targeted industry.

As we become increasingly reliant on digital financial services, the number of cyberattacks has tripled over the last decade, and financial services continue to be the most targeted industry.

13 million Thai personal accounts up for sale

According to a report by Statista, cyber security spending has seen a yearly increase from 2015, and is forecast to reach 0.07% of Thailand’s GDP by 2025.

However last month, Thailand’s digital minister asked experts to help plug gaps in e-commerce security after netizens discovered personal data from more than 13 million accounts up for sale on an underground website. The discovery prompted widespread criticism of Thailand’s e-commerce data protection system.

Digital Economy and Society (DES) Minister Buddhipongse Punnakanta said the stolen data includes names, telephone numbers, email addresses, and transactions of customers who made purchases through Lazada, Facebook, Line, Shopee and other platforms in 2018.

Cybersecurity has clearly become a threat to financial stability

Given strong financial and technological interconnections, a successful attack on a major financial institution, or on a core system or service used by many, could quickly spread through the entire financial system causing widespread disruption and loss of confidence.

Transactions could fail as liquidity is trapped, households and companies could lose access to deposits and payments. Under extreme scenarios, investors and depositors may demand their funds or try to cancel their accounts or other services and products they regularly use.

Cyber Risk is the New Threat to Financial Stability – IMF Blog

Comments

Banking

Can Fintech drive a strong post-COVID-19 recovery in Asia?

The pandemic has highlighted the power of digital technology. Now is the time to harness this power for inclusive growth so that communities, especially in poor and remote areas, can survive the crisis and thrive.

Asian Development Bank

Published

on

To say 2020 has been a challenging year is a massive understatement. The COVID-19 pandemic has quickly undermined development gains from recent decades and slowed growth in many Asian economies.

(more…)
Continue Reading

Tech

Leading Mobile App Developer Fourdesire Introduces Fortune City in Thailand

Award-winning Personal Expenses Tracking App Fortune City Launches New Localized Version for Thailand, Aiming to Help Thai Users Keep Their New Year’s Resolutions for 2021 and Their Finances Healthy

Pr News

Published

on

By

BANGKOK –  Fourdesire, Taiwan’s leading mobile app developer, will release a Thai version of Fortune City, their popular money management app, in Thailand this month.

(more…)
Continue Reading

Ecommerce

How COVID-19 has changed online shopping forever

Following the pandemic, more than half of the survey’s respondents now shop online more frequently and rely on the internet more for news, health-related information and digital entertainment.

Pr News

Published

on

By

The pandemic has accelerated the shift towards a more digital world and triggered changes in online shopping behaviours that are likely to have lasting effects.

(more…)
Continue Reading

Latest

Most Viewed

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

Join 13,609 other subscribers

Trending