Japan: Financial Sector Assessment Program-Technical Note on Cyber Resilience and Financial Stability

Author: International Monetary Fund. Monetary and Capital Markets Department

Volume/Issue: Volume 2024 Issue 113

Publication date: May 2024

ISBN: 9798400276255

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Topics covered in this book

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Finance , Money and Monetary Policy , Public Finance , International - Economics , Japan Computer Emergency Response Team coordination Center , FSAP finding , context of the Financial Sector Assessment Program , securities commission , BOJ-NET participant , Financial stability assessment , Cyber risk , Financial sector , Financial sector stability , PFM information systems , Global

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Summary

Japan’s financial system is digitalizing rapidly, increasing exposure to cyber risk. As in other jurisdictions, the pace of digitalization in Japan has increased substantially, but cyber incidents have also surged in recent years. The tight interdependencies within its financial system, and beyond, make Japan vulnerable to evolving cyber threats. The Financial Services Agency (FSA) and Bank of Japan (BOJ) have made progress in enhancing the cyber resilience of the financial sector, but further work and enhancements are needed.