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Financial Institutions in Japan Must Comply with Stringent Security Measures
Tokyo - A Safe Haven for Financial Data
In an effort to ensure the safety and security of financial data, Japanese financial institutions are required to implement strict security measures when using cloud services. According to the Japanese Financial Services Agency (FSA), financial institutions must comply with a range of legal and regulatory requirements when utilizing cloud services.
FSA Guidelines for Cloud Service Use
The FSA, responsible for supervising financial institutions such as banks, credit institutions, and insurance companies, has outlined specific guidelines for the use of cloud services in Japan. The agency expects financial institutions to follow the Security Guidelines on Computer Systems for Banking and Related Financial Institutions published by the Center for Financial Industry Information Systems (FISC).
Key Areas Covered
These guidelines cover a range of contractual and operational areas, including:
- Governance
- Risk management
- Monitoring and oversight
- Applicable privacy requirements, such as Japan’s Private Information Protection Law
The Growing Popularity of Cloud Services in Japan
The use of cloud services has become increasingly popular among Japanese financial institutions in recent years, allowing for greater flexibility and scalability. However, the FSA is keen to ensure that these institutions take adequate measures to protect sensitive data from cyber threats.
AWS Support for Compliance
To help financial institutions comply with regulatory requirements, AWS, a leading cloud service provider, offers a range of resources and tools, including:
- Compliance guides
- Risk assessments
- Security measures designed specifically for the Japanese market
Steps to Comply with Regulatory Requirements
Financial institutions in Japan considering using AWS services must first conduct a thorough risk assessment to determine which legal and regulatory requirements apply. They must also review the AWS Shared Responsibility Model and map AWS responsibilities and customer responsibilities according to each service used.
Additionally, customers can access AWS’ audit reports through the company’s Artifact tool and use this information to assess control responsibilities.
Seeking Further Guidance
For further guidance on how AWS services can meet security and compliance needs, financial institutions in Japan can contact their account representative or the company directly.