The Bank of Japan warns of increasing cyberattacks against financial institutions as the 2020 Tokyo Olympic Games approach, highlighting related talent shortage in a survey.
The BoJ’s report noted that 60 percent of the 402 financial institutions survey in September said they were unable to secure sufficient staff to deal with cyberattacks as «progress in digital technology has led to a sharp increase in cyber-security risks for financial institutions».
Naturally, financial institutions have been alerted to the issues with 70 percent claiming that the threat of cyberattacks has increased since the last time the BoJ conducted a similar survey in 2017. Nearly 40 percent of respondents experienced cyberattacks in the past three years with more than 10 percent claiming that their businesses suffered disruption.
In fact, 60 percent of firms said they now have departments specialized in handling such cyber incidents.
«Cyber attacks may increase ahead of the Tokyo Olympic and Paralympic Games this year, which is a risk we must be vigilant to,» the report added.
