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. 

Advertisement - Article continues below

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. 

Advertisement
Advertisement - Article continues below

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

The case for a marketing content hub

Transform your digital marketing to deliver customer expectations

Download now

Fast, flexible and compliant e-signatures for global businesses

Be at the forefront of digital transformation with electronic signatures

Download now

Why CEOS should care about the move to SAP S/4HANA

And how they can accelerate business value

Download now

IT faces new security challenges in the wake of COVID-19

Beat the crisis by learning how to secure your network

Download now
Advertisement

Recommended

Visit/security/phishing/355936/inky-announces-20m-series-b-funding-round
phishing

INKY announces $20M Series B funding round

4 Jun 2020
Visit/security/ransomware/355909/microsoft-issues-warning-about-new-ponyfinal-ransomware-attacks
ransomware

Microsoft issues warning about new PonyFinal ransomware attacks

3 Jun 2020
Visit/security/data-breaches/355908/amtrak-guest-reward-suffers-a-data-breach
data breaches

Amtrak Guest Reward suffers a data breach

3 Jun 2020
Visit/security/cyber-security/355903/brand-impersonation-and-form-based-attacks-are-rising
cyber security

Brand-impersonation and form-based attacks are rising

3 Jun 2020

Most Popular

Visit/operating-systems/ios/355935/apple-confirms-serious-bugs-in-ios-135
iOS

Apple confirms serious bugs in iOS 13.5

4 Jun 2020
Visit/mobile/5g/355911/the-uk-pivots-to-japan-for-5g-equipment
5G

The UK looks to Japan and South Korea for 5G equipment

4 Jun 2020
Visit/hardware/355904/picking-the-perfect-multifunction-printer
Hardware

Picking the perfect multifunction printer

4 Jun 2020