Japan companies to compensate customers after major cyberattacks
Japanese firms are being roiled by attacks, with experts saying AI is making cybercrime faster, cheaper and harder to detect
GMO Internet said customers would be compensated for losses stemming from unauthorised access following a cyberattack on its foreign exchange trading service, and all customers would receive 5,000 yen (US$32) as “an initial gesture of good faith”, CEO Masatoshi Kumagai said in a blog post on Sunday.
The move comes after Japan said on Friday it would set up a team to simulate cyberattacks using AI to identify weaknesses in technology systems as organisations scrambled to curtail risks from flaws in the PHP programming language that underpins much of the internet.
Shares of GMO, which had a market value of US$2.6 billion as of Friday’s close, slumped 11 per cent in Tokyo on Monday morning, compared to flat trading in the benchmark index.
