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BOJ warns of cyber-attack vulnerability ahead of Olympic Games

TOKYO: Japan’s monetary establishments should guard towards cyber-attacks forward of the 2020 Tokyo Olympic Video games, with almost 40% of banks and different companies experiencing assaults over the previous three years, the Financial institution of Japan mentioned on Jan 31.

The rising menace of cyber-attacks has prodded the Financial institution of England and different central banks to take motion to make sure that banks, insurers and different monetary companies minimise the influence of cyber-attacks or know-how outages.

In a BOJ survey performed in September, almost 40% of respondents mentioned that they had skilled cyber-attacks, and greater than 10% had suffered disruptions to their enterprise.

Over 70% believed the specter of cyber-attacks has elevated since 2017 – the final time the BOJ performed an identical survey – whereas almost 60% mentioned they’ve departments specialising in cyber incidents, the survey confirmed.

Nonetheless, about 60% of the 402 monetary establishments surveyed mentioned they weren’t capable of safe sufficient employees to supervise measures to take care of cyber-attacks.

“Progress in digital know-how has led to a pointy enhance in cyber-security dangers for monetary establishments,” the BOJ mentioned within the survey.

“Cyber-attacks might enhance forward of the Tokyo Olympic and Paralympic Video games this yr, which is a threat we should be vigilant to,” it mentioned.

Japan will host the 2020 Olympics in July and August. – Reuters

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