Bank of Japan preaches cyber attack vigilance ahead of Olympics

Financial institutions believe cyber threats have increased by 70% over three years

Japan's financial institutions must remain "vigilant" to cyber attacks ahead of the 2020 Tokyo games, the country's main bank has warned.

The Bank of Japan (BOJ) said that progress in digital technology has led to a sharp rise in cyber attacks on financial institutions. 

In a survey conducted by the BOJ in September, nearly 40% of respondents said they had experienced cyber attacks and more than 10% had their business disrupted as a result. 

Of the 402 financial institutions surveyed, over 70% believe cyber threats have increased since 2017, with 60% stating they were not able to secure enough staff to oversee measures to deal with cyber threats. 

The country's capital Tokyo will host the 29th Olympic Games over July and August where technology is set to play a big role. It's said to be the most innovative event ever, according to the Tokyo 2020 website, with "futuristic" robotic mascots and a range of IoT services. 

Related Resource

Report: The State of Software Security

This annual report explores important trends in software security

Download now

Just days before the South Korean Winter Olympics in 2018, officials confirmed the events IT systems had been infected with malware. The attack, which took down display monitors, Wi-Fi networks and even the official website for the event, was almost immediately attributed to groups linked to North Korea, Russia and China. 

A few months later Kaspersky said it had found evidence of source code that looked identical to previous work by the Lazarus Group, an organisation with ties to North Korea. 

This will be the second time the games will be staged in Tokyo, but the world and the threat landscape has drastically changed since it last hosted the games in 1964. 

"Progress in digital technology has led to a sharp increase in cyber-security risks for financial institutions," the BOJ said in the survey, according to Reuters. "Cyber-attacks may increase ahead of the Tokyo Olympic and Paralympic Games this year, which is a risk we must be vigilant too."

Featured Resources

Digital document processes in 2020: A spotlight on Western Europe

The shift from best practice to business necessity

Download now

Four security considerations for cloud migration

The good, the bad, and the ugly of cloud computing

Download now

VR leads the way in manufacturing

How VR is digitally transforming our world

Download now

Deeper than digital

Top-performing modern enterprises show why more perfect software is fundamental to success

Download now

Recommended

What is hacktivism?
hacking

What is hacktivism?

13 Oct 2020
Microsoft: Iranian hackers are exploiting ZeroLogon flaw
Security

Microsoft: Iranian hackers are exploiting ZeroLogon flaw

6 Oct 2020
The Ritz suffers data breach after hackers pose as staff
data breaches

The Ritz suffers data breach after hackers pose as staff

17 Aug 2020
Russia hacked Liam Fox's personal email to steal trade documents
phishing

Russia hacked Liam Fox's personal email to steal trade documents

4 Aug 2020

Most Popular

The top 12 password-cracking techniques used by hackers
Security

The top 12 password-cracking techniques used by hackers

5 Oct 2020
Google blocked record-breaking 2.5Tbps DDoS attack in 2017
Security

Google blocked record-breaking 2.5Tbps DDoS attack in 2017

19 Oct 2020
What is a 502 bad gateway and how do you fix it?
web hosting

What is a 502 bad gateway and how do you fix it?

5 Oct 2020