BOT Sets Out Cyber Risk Assessment Framework and Debt Relief Measures
The Bank of Thailand (BOT) revised the Cyber Resilience Assessment Framework for commercial banks. The framework serves as a reference guide to assess cyber risk levels and close key gaps. The key revisions relate to governance, risk identification, protection mechanism, response and recovery, and third-party risk management. BOT also released the financial stability report, highlighting that the overall Thai financial system is stable, though the economic recovery is still highly uncertain and unequal. Additionally, in response to the economic effect of the continuing COVID-19 pandemic, BOT updated guidelines, under the "debt settlement expressway" project, to help business debtors register for debt restructuring with multiple creditors.
Business debtors who have multiple creditors; have qualifications as specified, such as a total credit line of THB 250 million or more; and encounter problems in negotiating debt restructuring one by one can register for debt restructuring with multiple creditors at once, from January 01, 2022 to December 31, 2023. Businesses with a problem negotiating debt restructuring can register to report problems via the debt settlement expressway, including being able to request advice on solving debt problems and other additional recommendations through the “Debt Doctor Project for the People,” from January 01, 2022. At present, about 75 service providers are in the "debt settlement expressway" network, both under the supervision and outside the supervision of BOT. There exist 254,187 accounts receivables, or 76% of those who meet the conditions, and most of them are retail debtors (data as of November 30, 2021).
Related Links (in Thai)
- Notification on Cyber Resilience Assessment Framework
- Cyber Resilience Assessment Framework (PDF)
- Press Release on Debt Relief Measures
- Press Release on Financial Stability Report
- Financial Stability Report
Keywords: Asia Pacific, Thailand, Banking, COVID-19, Credit Risk, Debt Restructuring, Cyber Resilience Framework, Cyber Risk, Financial Stability Report, NPLs, BOT
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