Thailand's regulator, the Office of Insurance Commission (OIC), is now enhancing the readiness of the insurance industry in the face of rising cyber threats, including digital attacks, the use of AI to discover vulnerabilities, attacks through external service providers and risks arising from increasingly interconnected digital ecosystems.
In an event, titled ‘Insurance Sector Cyber ??Exercise 2026’, OIC Deputy Secretary-General for Strategy and Technology Dr Chayanin Kerdphongngam stated that while cyber risk is not new, it remains a top risk for all sectors, including the insurance industry.
As the insurance industry is increasingly adopting technology and AI in service delivery, product development, operational efficiency and data sharing between organisations, the OIC has placed emphasis on strengthening preparedness for new and potentially unprecedented cyber threats.
The OIC has also organised joint exercises with the insurance sector to provide a platform to test and review cyber security response plans, understand real-world scenario management and learn from simulated situations that can be applied in practice.
“The readiness test will enable insurance companies to develop stronger cyber security risk management approaches, keeping pace with increasingly severe and complex risks,” said Dr Chayanin.
“Furthermore, the results of the exercise can be used to develop manuals, best practices, and cybersecurity response measures that align with international standards.”
She continued, “While cyber security threats are volatile and constantly evolving with global circumstances, technology and attack methods, having a clear response plan, conducting continuous simulations and fostering integrated cooperation between regulatory agencies and the insurance industry are crucial factors in ensuring the Thai insurance system can effectively manage, respond to and recover from cyber incidents.
“This will maintain public and policyholder confidence and ensure the overall stability of the insurance system sustainably.”