ABSTRACT
In Japan there appears even greater reticence in admitting or discussing such cyber security breaches in the banking financial sector. There has been little acknowledgement in Japanese financial institutions and government organisations that cyber-risk threat and attacks are a reality and occurring. In Japan there appears even greater reticence in admitting or discussing such cyber security breaches in the banking financial sector. In Japanese financial institutions there exists a low awareness of risk of cyber attack for number reasons as outlined in the report. One reason, as mentioned above, is that such financial institutions do not think they will be attacked because of their belief in the low incidence of cyber attack and disruption experienced in Japan. Another reason is that these institutions mistakenly believe that they are safe because their systems are built on mainframe core banking architecture and with networks that operate as closed systems.
