How much do you know about ‘Cyber risks’? Computer technology and wireless transmission have become something very crucial for living nowadays. It is innovating, evolving and is becoming a part of our life, somewhat threatening our financial life. That’s what we’re going to talk about today, cyber security and why you need to look into it.
Cyber bully or internet flame wars are not the topic we’re covering here, we talk about global financial threat that could ruin your whole company or organization. Cybercrime is becoming more creative each day passing by, every illegal activity that infiltrate your system or network will be counted as cybercrime. To simplify it, here’s 3 type of cybercrime according to Capgemini 1.
- Business disruption and misuse.
- Online scam.
- Theft and fraud.
And if you’re familiar with specific business in Thailand, you must have realized by now, that there’re so many illegal information transaction happening everywhere, scam and fraud might be the nicknames of some business processes.
McAfee2’s statistic from 2015 shows that cybercrime cost a total loss globally by 3.75 hundred thousand million US$ to 5.75 yearly, over 40 million population in USA reports that their personal information had been hacked, 54 million in Turkey and over 40 million in China and Korea. Within last year only McAfee listed out about 800 million people globally getting their personal data exposed for scam plans.
Numbers don’t lie. It’s true that McAfee might benefit from having a cyber security system, but threats came in various forms, each year getting stronger, so why not take a little bit more precaution?
Who’s the main target here?
A company, of course, and a big for sure. Our same source (McAfee) did mention about the big fat bait for these criminals. Huge companies or organization involving energies and public utilities tend to become the prey.
- Malicious insiders – the case of bad employees, your organization data or customers information might leak out, and your malicious insiders tend to be the beneficial one.
- Denial of services – firmware or Trojan horse usually cause this, your network system will get stuck and won’t provide any services like it used to.
- Web-based attacks – youngest brothers in the family, bad people will use the malware to infiltrate your internet browser and control it, which is bad.
Let’s talk about Thailand
Yes, the threat is for real, but did it travel far enough to reach Southeast Asia? Well, I don’t know about every country, but Thailand is one of the cybercrime victim as well. Thaicert (Thailand Computer Emergency Response Team) specified 9 kind of cyber threat, which are way too much, so I narrowed it down to the “Top 3 cybercrime in Thailand you should be aware off:-
- Fraud – as a simpler method of crime, some people still have not mastered the art of internet surfing yet, and it does make fraudulence business to get easier.
- Malicious code – These are the threats every entrepreneur should focus on, it comes as a man-made program that specifically uses to cause a damaged to the business.
- Intrusion – basically hacking, but don’t overlook these kinds of threat. Company’s public relationship or even a personal faces for the public views are always crucial.
Malicious codes are the only threat that affects a cooperation business directly, which accidentally are 28% of every cybercrime in Thailand happening every 2 months since 2016. Thailand is included in top 3 cyber risks rank in Asia. In 2012, 1 out of 5 computers in Thailand had been attacked by malicious malware across the country, resulted in third place in Asia, after Indonesia and China. IMD, the academic institute in Switzerland ranks Thailand on 48 (last place is 60th) for cyber security, and still after those AEC countries brethren like Malaysia and Singapore.
OIC or Office of Insurance Commission of Thailand didn’t mentioned anything solid on “Cyber insurance” for business or individuals yet, which should be troubling for you guys now. As the threat grows stronger and faster, the need for protection is also rising as well. Our government doesn’t just sit around idly though, last couple years, specific organization in Thailand such as energy, health or communication such as DTAC should have their own cyber insurance by now.
Cyber security is as important as doing accounting by now, whether your business is online or offline, it doesn’t matters. Criminals will find the cyber ways to attack or harass your business either way. As security grows and adapts, cybercrime also adjust themselves to be more vicious and deadlier, that’s why “Cyber insurance” are going to be the things in near future.
As online insurance brokers, protection and safety of our clients are at the top priorities. Insurance for business or company are one of the products that we’re proud of, that’s why this article is so important for us, as a message to you.
When it happens, one computer could lead to the downfall of the whole company, that’s why insurance company are not really with the whole aspect of insuring yet. With more understanding of different point of views and shapes of online-driven business structure, we’ll have a solid cyber insurance in the near future.
For now, feel free to insure your business with Us