Bank of Japan and Cyber Security Ahead of the Olympics

The central bank of Japan made an important statement on Friday. According to the Bank of Japan country’s financial institutions should prevent cyber-attacks. Moreover, they should deal with these problems until 2020 Tokyo opens in July.

Topics connected with cybersecurity remains one of the main priorities for the financial institutions around the world. In the last three years, approximately 40% of banks and other businesses experienced attacks.

Banks, as well as insurers and other financial institutions, should reduce the impact of cyber-attacks or technology outages.

Based on the survey conducted by the Bank of Japan last September, approximately 40% of respondents indicated that they experienced problems due to the attacks.

Moreover, more than 10% have undergone disturbances in their business. Also, more than 70% considered that the threat of cyber-attacks increased since 2017.

Olympic games and a virus outbreak

Japan will host the Summer Olympic Games in July and August. Organizers are trying to shoot down allegations that Olympic games might be canceled due to virus outbreak.

It is worth mentioning that Japanese coordinators hesitated to discuss these issues in detail. Moreover, the International Olympic Committee is not concerned about the situation.

Based on the information provided by the organizers, they are cooperating with the Olympic committee as well as relevant organizations. Moreover, they are ready to take measures if something would go wrong.

Financial institutions in Japan, as well as other countries, should come up with a plan on how to reduce the number of cyber-attacks. They have less than one year to boost cybersecurity. The damage caused by such attacks often reach millions of dollars. Thus, the Bank of Japan, as well as private banks, should work together to create a plan on how to minimize the risks coming from various hacker groups as soon as possible. Japan has the ability to del with such problems.