The Thailand part of PwC’s “Global Crisis Survey 2021” – a global survey of 2,814 business leaders in 73 countries – explores how the 52 Thai respondents faced the pandemic, what they learned and how they’re preparing for the future.

Phansak Sethsathira, a risk consulting partner for PwC Thailand, said 84 per cent of Thai respondents said their businesses had suffered badly. Some reported that the operation and supply chain was the most affected area of their business as transport restrictions had brought imports to a halt and disrupted production. The next most affected areas were workforce and financial liquidity.

Like their global counterparts, the Thai respondents adjusted their work processes and operations in response to the pandemic. This has included implementing new technologies, deferring investment to manage liquidity, improving remote working capabilities and changing the way they communicate with key stakeholders.

These changes have created new challenges for Thai business leaders.

“Insufficient monitoring of new or updated remote-working systems widens the opportunities for malicious actors to take advantage of system weaknesses,” warned Phansak.

“These actors can pose as a trusted colleague or organisation and trick victims into transferring sensitive data. With remote-working policies likely to be in place for some time, the risk of data breaches and stolen information has never been higher. If they can steal the right information, the actors can commit fraud, damage information systems, hurt reputations and other malicious – and costly – acts,” he said.