Tokyo, Oct. 20 (Jiji Press)–Japan’s Financial Services Agency on Wednesday started exercises with financial institutions, including banks, brokerage houses and insurance companies, to prepare for cyberattacks.
Participating institutions totaled some 150, the most for the exercises the agency has been conducting every year since 2016.
In this year’s exercises, slated to run through Oct. 27, the FSA will examine institutions’ initial responses to cyberattacks during remote work, which has spread amid the novel coronavirus pandemic, and their measures to reduce related damage.
Based on scenarios of unauthorized accesses and customer information leaks, participants will work to analyze situations and keep systems running in telework environments. The FSA will check how they respond.
For deposit-taking institutions, the agency will also go over management’s judgements.
“Large-scale cyberattacks have been occurring worldwide, and attack techniques are becoming more advanced and complex,” a senior FSA official said at the beginning of the exercises, adding that Japan needs to strengthen its cybersecurity capabilities.
This year’s participants include many “shinkin” credit associations and “shinkumi” credit unions, as well as fund transfer service providers that offer cashless payments.
The FSA aims to improve the cyberattack response capabilities of small and midsize financial companies, which tend to be lagging in information technology investment and system construction.