Japan’s financial institutions must guard against cyber-attacks ahead of the 2020 Tokyo Olympic Games, with nearly 40% of banks and other firms experiencing attacks over the past three years, the Bank of Japan said on Friday.
The increasing threat of cyber-attacks has prodded the Bank of England and other central banks to take action to ensure that banks, insurers and other financial firms minimise the impact of cyber-attacks or technology outages.
In a BOJ survey conducted in September, nearly 40% of respondents said they had experienced cyber-attacks, and more than 10% had suffered disruptions to their business.
Over 70% believed the threat of cyber-attacks has increased since 2017 – the last time the BOJ conducted a similar survey – while nearly 60% said they have departments specialising in cyber incidents, the survey showed.
Still, about 60% of the 402 financial institutions surveyed said they were not able to secure enough staff to oversee measures to deal with cyber-attacks.
“Progress in digital technology has led to a sharp increase in cyber–security risks for financial institutions,” the BOJ said in the survey.
“Cyber-attacks may increase ahead of the Tokyo Olympic and Paralympic Games this year, which is a risk we must be vigilant to,” it said.
Japan will host the 2020 Olympics in July and August.
Source: Reuters 31 January, Tokyo
Reporting: Leika Kihara