Thailand’s SET warns of escalating cybercrime

The Research Department of the Stock Exchange of Thailand (SET) has provided a stark warning about the escalating threat from cybercriminals. The department estimates that cybercrime inflicts daily approximate damage of 772 billion baht worldwide, with Thailand alone likely to suffer losses of around 85 million baht each day this year.

In 2023, as many as 61 million Thai citizens are using the Internet, constituting a staggering 85.3% of the nation’s total populace, surpassing the worldwide average of 64.4%. And Thais are Internet-obsessed, spending on average seven hours per day on the Internet. That puts them within the top ten nations globally relative to Internet usage and makes Thailand prone to cybercrime.

The department urges Thai users to exercise caution given the steep increase in smartphone transactions which exposes them to a higher risk…