Cyberattacks are causing Thailand’s key industries to face increasingly growing economic risks. An economist has highlighted threats to the financial, manufacturing, and essential service sectors, and proposed seven measures to strengthen Thailand’s cyber defense capabilities. Associate Professor Dr. Aat Pisanwanich, a lecturer in the Faculty of Economics at Rangsit University, presented an analysis of cyberattacks and their impact on Thailand’s economy. Five factors behind the rise in cyber threats Analysis of historical data and statistics has identified five primary causes for the increase in cyberattacks over the past decade: - Digital economic growth: Manufacturing and global economic and financial systems are increasingly reliant on digital technology for banking, payments, business operations, and IT services. Many computer systems lack adequate protection, creating vulnerabilities susceptible to phishing, ransomware, and distributed denial-of-service (DDoS) attacks. - Geopolitical conflicts: Since the Russia-Ukraine war, state-affiliated and non-state groups have increasingly used cyberattacks as political and security tools to pressure adversarial nations, disrupt critical infrastructure, and generate financial gain. - Artificial Intelligence (AI): AI amplifies cyberattacks by making them easier, faster, and cheaper. Attackers can use it to create malicious software and forge messages, voices, and images to deceive individuals or companies into losing money or sensitive information. - Rising online crime and phone scam syndicates: Expanding criminal networks employ tactics such as romance scams, high-yield investment fraud, impersonation of government officials, and fake links to steal personal or banking information, resulting in financial losses and eroding trust in online transactions. - Limited cyber security resources: Constraints in budget, personnel, and technology heighten vulnerability—particularly for small and medium-sized enterprises (SMEs), which often lack funding for protective systems and dedicated IT staff. A report by the Organisation for Economic Co-operation and Development (OECD) shows that nearly 80% of all cyberattacks worldwide from 2014 to the present occurred in North America and Europe. The global distribution of market share is as follows: North America (United States and Canada), 51%; Europe and Central Asia, 27%; Association of Southeast Asian Nations (ASEAN) and East Asia, 5%; South Asia, 4%; Middle East and North Africa, 3%; Latin America and the Caribbean, 3%; East Asia and the Pacific, 3%; and other regions, 4%. Impact of cyberattacks on Bitcoin prices Cyberattacks have increased significantly over the past five years since the start of the Russia-Ukraine war on Thursday, February 24, 2022. This analysis correlates the frequency of attacks with rising Bitcoin prices: under $1,000 per coin in 2016 and $100,000 in 2025. Timeline: - 2016: The Russia-Ukraine war followed events after 2014; Bitcoin prices fell below $1,000. - 2017: The NotPetya attack affected Ukraine and several other countries; Bitcoin reached $20,000. - 2020: Tensions between Russia and Ukraine persisted; Bitcoin prices fluctuated before rising toward the end of 2020. - 2021: Russia-Ukraine border tensions escalated; Bitcoin peaked at $69,000. - 2022: Russia launched a full-scale invasion of Ukraine; Bitcoin prices dropped sharply from their 2021 high. - 2023: The Russia-Ukraine war continued; Bitcoin recovered to $44,000. - 2024: The Russia-Ukraine war continued; Bitcoin surpassed $100,000. - 2025: Geopolitical conflicts persist; Bitcoin exceeds $100,000. Economic losses range from 0.32% to 2.3% of GDP. Cyberattacks directly disrupt production processes, reduce labor productivity, delay services, and affect other economic activities. Analysis of global reports indicates estimated losses ranging from 0.32% to 2.3% of gross domestic product (GDP), equivalent to $40 million to $111.14 billion. A 2024 study by Friederikos Fotis surveying 17 industries identified healthcare, finance, and pharmaceuticals as the sectors facing the highest risks and economic impacts—respective losses of $10 million, $5.97 million, and $5.01 million. Government agencies, hotels, and media were identified as the three sectors with the lowest risk.Data from the National Cyber Security Agency (NCSA) for the four-year period 2023–2026 (January–September) shows cyberattacks increasing from 2,000 incidents in 2023 to over 3,000 in 2026, an increase of more than 1,000 incidents. The analysis describes this as an average of 12 incidents per day and 363 incidents annually, based on statistics from the Thai Computer Emergency Response Team (ThaiCERT) and NCSA. The 10 key Thai industries targeted by cyberattacks generated a total value added of up to THB 12.74 trillion in 2024. Three risk categories have been identified: very high, including finance and banking, energy, and utilities; high, including healthcare, telecommunications, manufacturing, transportation and logistics, and government; and medium, including commerce and e-commerce, tourism and hospitality, and media and entertainment. Manufacturing accounts for the largest share at approximately THB 3.86 trillion, equivalent to 20.3% of GDP, followed by commerce and e-commerce at approximately THB 2.54 trillion, equivalent to 13.4% of GDP. Cyberattacks disrupting operations in major industries could impact national production, employment, trade, and supply chains. However, the economic value of affected industries does not fully reflect the damage caused by cyberattacks. Actual damage depends on the severity of the attack, duration of disruption, scope of affected businesses, and each industry’s capacity to restore systems. This analysis cites NCSA, the European Union Agency for Cybersecurity (ENISA), IBM, and the World Economic Forum. Thailand leads ASEAN in reported cyberattack incidents. A 2026 OECD report shows China accounts for the highest share of reported cyberattacks in East Asia and ASEAN at 22%, followed by Japan at 21%. South Korea, Singapore, Thailand, and the Philippines each account for 10%. Among ASEAN countries, Thailand, Singapore, and the Philippines together represent the highest shares, each at 10% of total incidents studied in East Asia and ASEAN. Malaysia ranks second at 6%, followed by Indonesia at 4%, and Cambodia and Vietnam each at 3%. Thus, Thailand has the highest reported incident rate in the region. Three key economic risks have been identified: 1- The expansion of digital financial transactions and e-commerce means attacks on payment systems or online fraud can cause losses to individuals and businesses. 2- Manufacturing, transportation, and logistics are closely tied to global supply chains. Cyberattacks on digital systems can disrupt production and exports. 3- Energy, telecommunications, healthcare, and government services are critical infrastructure. According to OECD (2026), serious attacks could have widespread effects on economic activity. Small and medium-sized enterprises face the greatest risk due to limited budgets, insufficient personnel to prevent attacks, and inadequate protection systems. Hybrid warfare is also increasing the risk of cyberattacks in Thailand and ASEAN. Financial fraud and theft—including online scams and other forms of fraud—are currently major cybersecurity threats in Thailand and ASEAN, particularly call center scams, investment fraud, and schemes tricking individuals into transferring money, causing direct harm to individuals and businesses. As geopolitical conflicts become more complex, Thailand and ASEAN may face more diverse and severe attacks: ransomware, distributed denial-of-service (DDoS) attacks, and network sabotage involving intrusion and control of critical infrastructure systems—similar to those seen in Europe and elsewhere. These risks have significant impacts on the ASEAN economy in at least three areas: 1- Financial and payment systems linked to digital transactions and international trade. 2- Production and supply chains, as ASEAN is a vital global manufacturing hub. Attacks on factories, ports, or logistics systems can disrupt production and exports. 3- Critical infrastructure—including energy, telecommunications, healthcare, and transportation—could lead to broad consequences for economic activity and national security. Seven measures to counter cyberattacks Although current cyberattacks in Thailand primarily involve financial fraud and data theft, other forms pose future risks. The analysis recommends: 1- Prevent ransomware by requiring government agencies and key enterprises to perform regular data backups and prepare system recovery plans in case of attack. 2- Strengthen defenses against DDoS attacks, particularly for banking services, online payment platforms, government websites, and widely used digital services.3- Strengthen security for critical infrastructure, including electricity, water supply, aviation, hospitals, food production, and logistics, against attacks that disrupt economic operations. 4- Help small and medium-sized enterprises access cybersecurity through tax incentives, subsidies, or low-cost security assessments. 5- Increase funding and personnel for cybersecurity, focusing on training experts, assessing security vulnerabilities, and upgrading outdated technology. 6- Enhance cybersecurity cooperation with ASEAN and other countries to share threat intelligence, monitor criminal networks, and combat cross-border attacks. 7- Prepare for hybrid warfare by coordinating security agencies, economic institutions, and the private sector to counter combined threats of cyberattacks, sabotage, and disinformation. By Nuttapakron Ngamsopa