Thailand’s banking, financial services, and insurance (BFSI) sector is expected to see its cybersecurity market grow from $60.39 million in 2020 to $87.39 million by 2026, driven by increasing cyber threats, regulatory pressures, and rapid adoption of digital banking services. This marks a compound annual growth rate (CAGR) of around 6.3%, according to a report by YCP.
The rise in digital banking, particularly with more banks offering online and mobile platforms, has expanded the attack surface for cyber threats. As a result, financial institutions are prioritizing enhanced cybersecurity measures to protect sensitive data. The adoption of cloud services has also spurred demand for advanced security solutions, while the integration of machine learning and artificial intelligence to optimize banking operations has further underscored the need for robust cybersecurity frameworks.
Regulatory compliance plays a pivotal role in this growth. The Personal Data Protection Act (PDPA) in Thailand mandates financial institutions to implement stringent data protection measures, reinforcing the importance of comprehensive cybersecurity infrastructure.
As financial institutions continue to rely on digital platforms and advanced technologies, the demand for cybersecurity solutions is expected to remain strong, ensuring enhanced resilience against evolving cyber threats.
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