October 4, 2017 -
A consortium of Thailand financial institutions have formed an organization to address stability and security of IT systems and combat cyber threats, according to a report by The Nation.
The Thai Bankers’ Association (TBA) established the Thailand Banking Sector Computer Emergency Response Team (TB-CERT), a group of 15 member banks which would work together to boost security at a time of innovative technologies in the financial services sector.
The group is sponsored by the Electronic Transactions Development Agency (ETDA), a public organization focusing on financial business.
TB-CERT would explore various measures to promote the stability of the Thai financial sector and ensure that they would be conducive to national security.
The group’s operations would cover four key efforts. First, it would serve as a hub for the exchange of information, including details about cyber threats and remedy guidelines with adherence to international standards.
Second, it would form a universal standard of cybersecurity for applications of emerging technologies such as cloud computing or biometrics.
Third, it would create procedures to handle cyber threats in the commercial banking sector and plan regular collaborative drills.
Fourth, it would support the development of cyber security personnel by hiring new talent in the financial sector and providing the financial institutions’ human resources with knowledge and understanding to raise further awareness of cyber security.
These efforts will be conducted to ensure that the preparedness of Thai financial institutions is consistent with internationally recognized standards.
Earlier this year it was reported that efforts by the government of Thailand are contributing to growth and optimism at companies providing biometric identity systems in the country.