Organisations in Thailand suffered million-dollar losses due to cybersecurity incidents

Cloudflare, Inc. (NYSE: NET), the leading connectivity cloud company, today released a new study focused on cybersecurity in Asia Pacific. The report, called “Securing the Future: Asia Pacific Cybersecurity Readiness Survey,” shares the latest data on cybersecurity preparedness in the region, revealing how organizations are coping with rising volumes of cybersecurity incidents, their levels of preparedness, and the outcomes experienced.  

The study revealed that 57% of respondents from organisations in Thailand experienced more than 10 cybersecurity incidents in the last year. Respondents also cited  planting spyware as the primary goal of cybercriminals, followed by financial gain and ransomware.

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 around increased risks among employees (52%) was the biggest challenge that respondents from Thailand faced with regards to cybersecurity preparedness.

Cybersecurity incidents proved costly for organisations in Thailand, with a staggering two-thirds (65%) of respondents incurring a financial impact of at least US$1 million in the last 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 extends to organisational operations, with 38% of respondents saying their organisations reduced or restricted hybrid work, laid off staff, and put growth plans on hold. Only 33% of respondents said their organisation reported breaches to the relevant authorities.

“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. 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,” said Jonathon Dixon, Vice-President and Managing Director, Asia Pacific, Japan and China at Cloudflare.