BOJ: 40 Pct Of Japan’s Financial Firms Victims Of Cyber Attacks

Ahead of hosting the 2020 Olympics in Tokyo this summer in July and August, Japan’s financial institutions have been cautioned to be especially on guard for cyber attacks throughout the year, according to Reuters.

The very real threat of a major incident has compelled the Bank of England and other international central banks to be extra vigilant against a potential attack.

The Bank of Japan (BOJ) revealed Friday that it administered a survey last September where 40 percent of responding financial firms and banks indicated they had been attacked in the digital space. Ten percent of respondents had endured business disruptions due to cyber attacks.

Over 70 percent of respondents are concerned the cyber threat has grown since 2017 when the BOJ last administered a similar survey. As a result, almost 60 percent of companies in the BOJ survey now have dedicated cybersecurity departments.

Of the 402 financial institutions surveyed, another 60 percent indicated they do not have enough professionally trained staff to be strategic and tactical regarding assessment, anticipation, and prevention of increasingly sophisticated attacks in cyberspace.

“Progress in digital technology has led to a sharp increase in cybersecurity 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.”

With cashless transactions significantly more prominent in Japan and expected to grow during the Olympics with the influx of international tourists, as PYMNTs reported last year, Visa is exploring cutting-edge payment interactions at the 2020 Olympics this summer to support Cashless Japan.

“There is virtually no other market in the world today that compares to Japan — it is the world’s third-largest economy and a leader across many industries, yet commerce remains predominantly cash-based,” Visa Representative Director and Country Manager of Japan Stephen Karpin said in the press release. “Visa embraces the Olympic Games as an opportunity to offer cutting-edge payment technologies at venues and the Olympic Village, and throughout the host country to truly enhance the fan experience.”