Cyber Attacks on the Rise in Thailand

Thailand, just like the rest of the developed world, is seeing a notable increase in cyber attacks lately. Experts at computer security firm Symantec expect more threats to Thai data security in the foreseeable future, in large part because many people and companies in Thailand now hold virtual currencies, including valuable Bitcoins, within virtual wallets. These wallets aren’t invulnerable to attack. They contain virtual currency which holds its value even when it is stolen.

cyber crime scene with security tape

Virtual wallets for cryptocurrency are easy targets for hackers and tend to offer premium returns. Despite recent volatility Bitcoin’s value is still up over previous years and other crypto currencies, including Ethereum and Litecoin, also have impressive valuations. Other alternative virtual currencies are gaining momentum as well, all lending to their attractiveness to cyber thieves.

 

Statistics for Cyber Attacks in Thailand

 

From April of 2017 to June of 2017, Kaspersky Lab statistics show that mobile devices and computers in Thailand were “cyber attacked” a whopping 61,978 times!

 

According to the Kaspersky Labs report, 8.94 percent of Kaspersky clients in Thailand were hit with some form of hacking attempt. While this seems high don’t think that Thailand is more vulnerable than other countries – overall, Thailand ranks 72nd in terms of computer/mobile device users who’ve been affected by cyber attacks.

 

Some nations have it even worse, such as Belarus, India, Ukraine, Algeria and Albania.

 

What Will Happen in 2018?

 

Industry analysts anticipate that Thailand’s AI (artificial intelligence), exchanges and Bitcoin will be prone to new cyber attacks. In particular, mobile payments may be targeted with the country.

 

How Do Hackers Get In?

 

A software development company, ESET, reported in November of 2017 that SMBs within Thailand are at biggest risk of cyber attacks which are related to encryption. Clearly, hackers are looking for ways to override encryption and access data which they shouldn’t have legal access to. SMBs are small and medium-sized businesses.

 

When surveyed by ESET, small and medium-sized business owners stated that over ninety percent of cyberattacks of their companies were related to their encryption systems. This means that SMB owners in Thailand get hit with cyber breaches more often than SMB owners in India, Japan and Singapore (to name just three examples).

 

Encryption is supposed to boost security. Apparently, this isn’t always the case. Encryption must be executed properly in order to offer the highest level of data security. In some cases, in Thailand, improper execution of encryption for data that is “in transit” may leave SMB owners prone to cyber breaches.

 

Business Owners Need More Cyber Security Education

 

With increased business opportunities in Thailand comes increased appeal to cyber criminals. To guard against more cyber attacks, business owners (and private citizens, too) need to educate themselves. It’s all about getting proactive and learning how to reduce the risk of data security breaches.

 

As well, anyone who holds virtual currency and lives in Thailand should take extra steps to secure their computers, mobile devices and virtual wallets.

 

We researched some tips on “defending” a Bitcoin virtual wallet from cyber attacks, with a mind to helping Thai owners of Bitcoins, as well as assisting Bitcoin holders in other countries. The experts feel that virtual wallets, while more secure than payment cards, must have the highest level of security. This is because Bitcoins that are stolen through hacking keep their value…and their value is very high.

 

To protect your virtual wallet, in Thailand or elsewhere, you should cloak your Internet Protocol address. Use a client for Bitcoin which gives you the capacity to switch to a new address every time that you do a transaction.

 

As well, consider separating transactions, via multiple wallets, based on their importance. You might choose a day-to-day transaction wallet for smaller amounts and others for bigger amounts.

 

One last tip is to keep your identity as secret as possible. Be mindful of what type of information you are sharing which relates to your crypto currency transactions. To maintain anonymity, consider utilizing an escrow service when you want to buy or sell with crypto currency.

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