The National Cyber Security Agency (NCSA) is crafting a framework for cyber fraud insurance to help organizations manage the risks associated with cyberattacks and data breaches.
According to AVM Amorn Chomchoey, Secretary-General of the NCSA, the initiative could enhance the nation's cybersecurity posture while spotlighting the Cybersecurity Act and the Personal Data Protection Act (PDPA).
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Current Cyber Fraud Insurance Landscape
He noted that cyber fraud insurance remains rare in Thailand, and there is no established framework or guidelines for its implementation, despite the growing importance of personal data protection in the digital economy.
Leaked customer data, derived from business services, is a recurring problem often exploited by scammers to contact victims and cause financial and reputational damage.
Cyber fraud insurance provides financial protection against losses encountered as a result of cybercrime. This includes threats like phishing, social engineering fraud, and data breaches. Available across numerous markets, the service helps businesses cover costs related to stolen funds, compromised data, damaged IT systems, and network disruptions, explained AVM Chomchoey.
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AVM Chomchoey revealed that the NCSA is collaborating with the Office of the Insurance Commission (OIC) and other stakeholders to develop a structured cyber fraud insurance scheme. The OIC has been tasked with establishing criteria and guidelines, potentially making such insurance a standard requirement for enterprises.
The policy intends to extend to third-party coverage, protecting organizations against losses incurred by their business partners due to cybercrime. For individuals, it includes coverage for identity theft, online shopping fraud, and unauthorized publication of personal data.
Additionally, the insurance scheme aims to support incident management, assisting with cybercrime response and notifying affected parties of security breaches or data loss.
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