A recent survey by Cloudflare has revealed that 57% of respondents from organisations in Thailand experienced more than 10 cybersecurity incidents in the previous 12 months.
Respondents said planting spyware was the primary goal of cybercriminals, followed by financial gain and ransomware, according to the US-based content delivery, networking and cloud cybersecurity company.
Despite the frequency of cybersecurity incidents in Thailand, less than half (48%) of respondents indicated they were highly prepared to prevent them. A lack of awareness of increased risks among employees (52%) was the biggest challenge that respondents from Thailand faced, the survey found.
Cybersecurity incidents proved costly for organisations in Thailand, with nearly two-thirds (65%) of respondents incurring a financial impact of at least US$1 million in the previous 12 months.
Medium-sized organisations were hit harder, with 76% of respondents indicating they suffered a financial impact of at least US$2 million in the same timeframe. Apart from financial loss, respondents also cited reputational damage, data/IP loss, and loss of customers as the biggest impact to their business.
The aftermath of cybersecurity incidents further extended to organisational operations, with 38% of Thai respondents saying their organisations reduced or restricted hybrid work, laid off staff, and put growth plans on hold.
Significantly, only 33% of respondents said their organisation reported breaches to the relevant authorities.
The Cloudflare report, "Securing the Future: Asia Pacific Cybersecurity Readiness Survey", features updated data on cybersecurity preparedness in the region, revealing how organisations are coping with rising volumes of cybersecurity incidents, their levels of preparedness and the outcomes experienced.
The survey conducted in July 2023 involved 4,009 cybersecurity decision-makers and leaders from small, medium and large organisations in 14 markets across Asia Pacific including Thailand.
"Over the past year, we've witnessed a rise in cybersecurity incidents across the region, with a huge proportion targeting businesses in Thailand more than anywhere else in the region," said Jonathon Dixon, vice-president and managing director for Asia Pacific at Cloudflare.
"To this end, Thai businesses need to make a concerted effort to bolster their cybersecurity infrastructure to cope with the increasing complexities of a distributed workforce. Preparedness is key -- business leaders need to treat cybersecurity as a strategic imperative across all levels of the organisation.
"Employee education to raise awareness of the risks present is also essential in ensuring the company is well-protected against future threats."
To download the full report, visit https://tinyurl.com/52vxc5c7