This year, the Financial Services Agency (FSA) will work with the Bank of Japan (BOJ) to conduct a survey of regional banks’ cybersecurity risks. The digitization of financial services is causing a series of cybercrimes such as illegal remittances, and the involvement of states, such as North Korea, is being exposed. Regional banks lag behind megabanks in IT-related investments. The survey will include examining how regional banks operate their core systems and manage outsourced cloud services. Administrative punishment may be imposed on companies that are found to poorly manage cybersecurity risks. 

The FSA and the BOJ began a joint survey of megabanks in 2021. In 2022, the FSA will carry out a survey of regional banks, credit associations and credit unions. (Abridged)