Cyberattacks’ impact on bitcoin prices

Cyberattacks have increased over nearly five years since the Russia–Ukraine war began on Thursday (February 24, 2022).

The analysis links attack numbers to rising bitcoin prices: below US$1,000 per coin in 2016 and US$100,000 in 2025.

The timeline is:

  • 2016: Russia–Ukraine war following 2014; bitcoin below US$1,000.
  • 2017: NotPetya attack affects Ukraine and several other countries; bitcoin US$20,000.
  • 2020: Russia–Ukraine tensions continue; bitcoin fluctuates before rising late in 2020.
  • 2021: Russia–Ukraine border tensions increase; bitcoin peaks at US$69,000.
  • 2022: Russia launches its full-scale invasion of Ukraine; bitcoin falls from its 2021 high.
  • 2023: Russia–Ukraine war continues; bitcoin recovers to US$44,000.
  • 2024: Russia–Ukraine war continues; bitcoin exceeds US$100,000.
  • 2025: Geopolitical conflicts continue; bitcoin above US$100,000.

Economic losses of 0.32%–2.3% of GDP

Cyberattacks directly disrupt production, reduce labour productivity, delay services and affect other economic activity.

Analysis of reports worldwide put losses at 0.32%–2.3% of gross domestic product (GDP), or 40 million to 111.14 billion dollars.

A 2024 study by Friederikos Fotis examining 17 industries identified healthcare, finance and pharmaceuticals as facing the greatest risk and economic impact, at 10 million, 5.97 million and 5.01 million dollars, respectively.

Government agencies, hotels and media were the three lowest-risk sectors.

National Cyber Security Agency (NCSA) statistics for the four-year period 2023–2026 (January–September) show cyberattacks rising from 2,000 in 2023 to more than 3,000 in 2026, an increase exceeding 1,000.

The analysis describes this as averaging 12 incidents a day and 363 incidents a day, citing the Thailand Computer Emergency Response Team (ThaiCERT) and NCSA statistics.

Thailand’s 10 key industries exposed to cyberattacks generated THB12.74 trillion in combined value added in 2024.

Three risk groups were identified: very high, comprising finance and banking and energy and utilities; high, comprising healthcare, telecommunications, manufacturing, transport and logistics, and government; and moderate, comprising trade and e-commerce, tourism and hotels, and media and entertainment.

Manufacturing was largest at about THB3.86 trillion, or 20.3% of GDP, followed by trade and e-commerce at about THB2.54 trillion, or 13.4% of GDP.

Cyberattacks disrupting activity in large industries could affect national production, employment, trade and supply chains.

However, exposed industries’ economic value does not represent cyberattack losses.

Actual damage depends on attack severity, outage duration, the extent of businesses affected and each industry’s ability to restore systems.

The analysis cites the NCSA, the European Union Agency for Cybersecurity (ENISA), IBM and the World Economic Forum.

Cyberattacks expose key Thai industries to growing economic risks

Thailand shares top ASEAN ranking for reported cyberattacks

A 2026 OECD report put China’s share of reported cyberattack incidents in East Asia and ASEAN highest at 22%, followed by Japan’s 21%.

South Korea, Singapore, Thailand and the Philippines each accounted for 10%.

Among ASEAN countries, Thailand, Singapore and the Philippines jointly had the highest shares, each accounting for 10% of all incidents in the East Asian and ASEAN countries studied.

Malaysia followed at 6%, Indonesia at 4%, and Cambodia and Vietnam at 3% each.

Thailand thus has a high regional share of reported incidents.

Three main economic risks were identified:

  1. Expanding digital financial transactions and online trade mean payment system attacks or online fraud could cause losses for people and businesses.
  2. Manufacturing, transport and logistics are linked to international supply chains. Attacks on digital systems could disrupt production and exports.
  3. Energy, telecommunications, healthcare and government services are critical infrastructure. Severe attacks could affect economic activity widely, according to OECD (2026).

SMEs face the greatest risk because they lack budgets, sufficient personnel to prevent attacks and protective systems.

Hybrid warfare is also accelerating cyberattack risks in Thailand and ASEAN.

Financial fraud and theft, including phishing and online scams, are currently major cyber threats in Thailand and ASEAN, particularly call-centre networks, investment scams and fraud that tricks people into transferring money, causing direct losses to people and businesses.

As geopolitical conflicts become more complex, Thailand and ASEAN could face more varied and severe attacks: ransomware, DDoS and cyber sabotage involving intrusion into and control of critical infrastructure systems, as seen in Europe and elsewhere.

These risks have significant implications for ASEAN economies 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 major global manufacturing base. Attacks on factory, port or logistics systems could disrupt production and exports.
  3. Critical infrastructure, including energy, telecommunications, healthcare and transport, with potentially widespread consequences for economic activity and national security.

Seven measures to tackle cyberattacks

Although attacks in Thailand currently involve financial scams and data theft, other forms also pose future risks.

The analysis proposes:

  1. Prevent ransomware by requiring government agencies and key businesses to back up data regularly and prepare plans to restore systems when attacked.
  2. Strengthen DDoS protection, particularly for banking, online payments, government websites and digital services used by large numbers of people.
  3. Improve security for critical infrastructure, including electricity, water supplies, aviation, hospitals, food factories and logistics, against attacks disrupting economic activity.
  4. Help SMEs access cybersecurity through tax deductions, subsidies or low-cost security assessments.
  5. Increase cybersecurity budgets and personnel, focusing on developing specialists, assessing vulnerabilities and upgrading outdated technology.
  6. Expand cybersecurity cooperation with ASEAN and other countries to exchange threat information, track criminal networks and counter cross-border attacks.
  7. Prepare for hybrid warfare by coordinating security agencies, economic agencies and the private sector against threats combining cyberattacks, sabotage and disinformation.