Japanese

November 27, 2020
Financial Services Agency

Publication of reports on IT and cybersecurity initiatives

The FSA has promoted initiatives to realize IT governance and enhance cybersecurity at financial institutions.
  It has compiled and published the following reports on such initiatives for this program year.
 
1. “Research Report Regarding IT Governance of Financial Institutions”
  The FSA formulated and published “Issues and Practices for Dialogs Regarding IT Governance of Financial Institutions” (hereinafter referred to as “IT Governance Issues”) in June 2019 and has since then promoted the dialog.
 
  This program year, the FSA conducted fact-finding surveys and analyses of financial institutions regarding the following two issues, based on the “IT Governance Issues:”
[Issue 1] Regional banks’ joint center and each bank’s IT strategy and governance
[Issue 2] Global IT governance of globally operating financial institutions, including mega-banks and large life/nonlife insurers
  To allow financial institutions to share the survey results and common agenda with the authorities and realize IT governance, we have compiled this report (summary).
 
2. “Financial Sector Cybersecurity Report”
  Recognizing that cybersecurity in the financial sector is of utmost importance for the stability of the entire financial system, the FSA formulated and published “The Policy Approaches to Strengthen Cybersecurity in the Financial Sector” (hereinafter referred to as “Policy Approaches”) in July 2015 and updated it in October 2018, endeavoring to enhance cybersecurity in the financial sector.
  This program year, based on the “Policy Approaches,” the FSA made efforts to improve the effectiveness of financial institutions’ cybersecurity measures in anticipation of the 2020 Tokyo Olympics and Paralympics, and to understand and analyze emerging cyber risks in consideration of the financial sector surroundings, including progress in digitalization and expanding telework, and proactively encouraged financial institutions to respond to such risks.
  We have compiled this report (summary and full text) to allow the authorities, financial institutions and relevant organizations to share the status and common challenges identified through those efforts in the current program year and enhance cybersecurity measures in the financial sector.
 
3. “Analysis Report on Financial Institutions’ IT System Failures”
  The FSA receives reports on IT system failures at financial institutions.
  Covering IT system failures in FY2019 (April 2019 through March 2020), we have formulated a report (summary) on the trend and cases of IT system failures (details, causes and countermeasures) that would be useful for financial institutions to manage IT system risks.