Cybercrime Threatens Financial Institutions in Japan: A Growing Concern

Japan’s digital economy and societal dependency on technology have made it an attractive target for cybercriminals. The following statistics highlight the growing threat of cybercrime to financial institutions in Japan.

Surge in Cybercrime Cases

Over 2.5 billion Japanese yen lost due to online banking frauds in 2019 [1]
Online frauds represent a significant attractiveness for cybercriminals in the age of digital transactions

Societal Issue: Cyberbullying

Tragic suicide of Hana Kimura in 2020 [2]
Cyberbullying as a major societal issue fueled by digital platforms

Increase in Ransomware Attacks

Significant increase in cases of computer or electromagnetic record targeting [3]
Common offenses include frauds, violations of child prostitution and child pornography laws

Cybercrime’s Growing Relevance in Japan

Japan’s economic growth and daily life rely heavily on digital technologies, including:

Cashless payment methods
Digital health services
Remote work

This increased reliance amplifies the risk and significance of cybercrimes. Additionally:

Location and geopolitical tensions intensify the need for robust cybersecurity
Japanese authorities recognize the significance of cybersecurity for the digital economy and national security

Public Awareness and Prevention Strategies

Given the rising prevalence of cybercrime in Japan, public awareness and the implementation of effective prevention and mitigation strategies are crucial. Financial institutions, in particular, have a responsibility to protect their assets and foster trust among their clients:

Prioritize cybersecurity
Adopt secure technologies and practices
Educate employees and clients on security best practices

References: [1] NHK World, “Japan saw record number of online banking frauds last year,” July 1, 2020. [2] The Guardian, “Hana Kimura: Japanese pro wrestling star ‘bullied to death’,” May 25, 2020. [3] Japan Today, “Ransomware attacks surge in Japan,” August 16, 2021.