Thai Bankers Unite To Improve IT Security

A group comprised of some of Thailand’s biggest financial institutions have banded together in order to address the many issues and concerns plaguing the IT systems of the country, such as the HR management software in Thailand and others, as well as to prepare the many software systems across the country from potential cyber threats.

The Thai Bankers’ Association (TBA) announced on October 30, Monday the formation of the new Thailand Banking Sector Computer Emergency Response Team (TB-CERT), a group comprised of 15 of the TBA’s member banks, who would work together in order heighten the country’s cyber security, which is particularly important now, particularly in the financial sector, as that sector is seeing a lot of new technologies being developed. The primarily goal of the TB-CERT is to improve the stability of Thailand’s financial sector, as well as to provide whatever assistance is available to the country’s cyber security efforts.

Thailand’s Electronic Transactions Development Agency (ETDA), is the group’s sponsor, fitting, as this public organization is particularly focused on financial businesses across Thailand, which happens to be one of the country’s major points of infrastructure.

According to reports, the TB-CERT would have 4 main points in its operations:

  1. To act as a centre for information regarding cyber security in the country, up to and including but not limited to details on possible and actual cyber threats, and possible solutions.
  2. To create a cyber security standard for the development and application of any new innovations.
  3. To establish steps for dealing with threats, particularly those in the commercial banking sector.
  4. To support personnel development in the cyber security sector, via hiring people, informing HR departments not only of the workings of the HR management software in Thailand, but also with the knowledge of what makes cyber security tick.

All of these will go towards ensuring that Thailand’s financial institutions are ready for cyber security threats, and also in line with the standards recognized by the global cyber security and financial market.

The official launch of the TB-CERT was attended by numerous key figures, such as executives of member banks, as well as the governor of the Bank of Thailand, Veerathai Santipraphob.