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Japanese Business Lost $2 M In April 2014 Hack Attacks

Japanese Business Lost $2 M In April 2014 Hack Attacks

Japanese banks faced 50 cases of theft from the online accounts of Japanese business in April 2014, with hackers making off with 200 million yen ($2 million). The amount is more than what went missing during the entire previous year and has prompted some banks to curtail online services as well as rethink compensation policies.

Among institutions hard hit by the hacks were Mitsubishi UFJ Financial Group, Mizuho Financial Group, Fukuoka Financial Group and Bank of Yokohama all noted that their clients and customers had been hit in the wave of attacks. Earlier this month, a representative of Japan’s Financial Services Agency noted a concern that this event could touch off a rash of small business failures nationwide, reports Reuters.

“This has become a serious problem,” Masaaki Tani, president of Fukuoka Financial Group, the largest regional bank, said earlier this month.

It was not clear why cases of such theft had increased so rapidly although bankers elsewhere have warned of a growing threat from hackers. Banks are also divided on how to respond- some are offering compensation to businesses affected by the hacking, though others have raised concern that compensation will lower business incentives around security.

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