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Results of the Cybersecurity Self-Assessment for Regional Financial Institutions (FY2022)

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Date: 19th Oct, 2023 Source: Financial Services Authority Country: Japan Original Source

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Summary:

The Financial Services Agency (FSA) and the Bank of Japan (BOJ) have published the results of the Cybersecurity Self-Assessment (CSSA) for regional financial institutions for the fiscal year 2022. The CSSA aims to help individual financial institutions identify their own cybersecurity management framework positions in comparison with other financial institutions and identify areas of their own challenges. Based on the results, the FSA and BOJ compiled an overview of cybersecurity management frameworks for regional financial institutions and identified key points for further strengthening relevant frameworks. The results are published in the document "Bank of Japan's Financial System Report Annex: Results of the Cybersecurity Self-Assessment for Regional Financial Institutions (FY2022)"".

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Japaneseopen new window
October 19, 2023
(Japanese version: published April 18, 2023)
Financial Services Agency
 

Results of the Cybersecurity Self-Assessment for
Regional Financial Institutions (FY2022)

     With cyberattacks increasing, the development of cybersecurity management frameworks and ensuring of their effectiveness have come to be recognized as significant challenges. Against this background, the Financial Services Agency (FSA) and the Bank of Japan (BOJ) developed a tool for conducting a self-assessment of cybersecurity management frameworks, with which individual financial institutions are to identify their own positions in comparison with other financial institutions and also identify areas of their own challenges. The FSA and the BOJ requested regional financial institutions to conduct cybersecurity self-assessment (CSSA) using the tool and then fed back the overall results to them.
 
     Based on the results of the CSSA that was conducted for the first time in FY2022, the FSA and the BOJ compiled the overview of cybersecurity management frameworks of regional financial institutions as a whole and key points for further strengthening relevant frameworks into the document, “Bank of Japan’s Financial System Report Annex : Results of the Cybersecurity Self-Assessment for Regional Financial Institutions (FY2022)” (Financial System and Bank Examination Department, BOJ; Strategy Development and Management Bureau, FSA) and publish it.

・【Summary】Results of the CSSA (FY2022)(PDF:537KB)
・Results of the CSSA (FY2022)(PDF:1126KB)
・【Attachment】Results of the CSSA (FY2022)(PDF:275KB)

Contact

Office of Policy Coordination for IT Risk, Cybersecurity and Economic Security, Risk Analysis Division, Strategy Development and Management Bureau,

Financial Services Agency
Tel +81-(0)3-3506-6000(ext. 2217, 3850)

,

Japaneseopen new window
October 19, 2023
(Japanese version: published April 18, 2023)
Financial Services Agency
 

Results of the Cybersecurity Self-Assessment for
Regional Financial Institutions (FY2022)

     With cyberattacks increasing, the development of cybersecurity management frameworks and ensuring of their effectiveness have come to be recognized as significant challenges. Against this background, the Financial Services Agency (FSA) and the Bank of Japan (BOJ) developed a tool for conducting a self-assessment of cybersecurity management frameworks, with which individual financial institutions are to identify their own positions in comparison with other financial institutions and also identify areas of their own challenges. The FSA and the BOJ requested regional financial institutions to conduct cybersecurity self-assessment (CSSA) using the tool and then fed back the overall results to them.
 
     Based on the results of the CSSA that was conducted for the first time in FY2022, the FSA and the BOJ compiled the overview of cybersecurity management frameworks of regional financial institutions as a whole and key points for further strengthening relevant frameworks into the document, “Bank of Japan’s Financial System Report Annex : Results of the Cybersecurity Self-Assessment for Regional Financial Institutions (FY2022)” (Financial System and Bank Examination Department, BOJ; Strategy Development and Management Bureau, FSA) and publish it.

・【Summary】Results of the CSSA (FY2022)(PDF:537KB)
・Results of the CSSA (FY2022)(PDF:1126KB)
・【Attachment】Results of the CSSA (FY2022)(PDF:275KB)

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3-2-1 Kasumigaseki Chiyoda-ku Tokyo, 100-8967 Japan THE CENTRAL COMMON GOVERNMENT OFFICES No. 7

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Highlights content goes here...

Summary:

The Financial Services Agency (FSA) and the Bank of Japan (BOJ) have published the results of the Cybersecurity Self-Assessment (CSSA) for regional financial institutions (RFIs) conducted in FY2022. The CSSA aims to improve the cybersecurity management frameworks of RFIs by identifying their current positions compared to other institutions and identifying areas for improvement.

The assessment was conducted using a tool developed by the FSA and BOJ, which was used to evaluate the cybersecurity management frameworks of 43 RFIs in Japan. The results highlight the need for RFIs to strengthen their cybersecurity frameworks, with the majority of institutions identifying weaknesses in areas such as incident response, threat intelligence, and security monitoring.

Key findings from the assessment include:

90% of RFIs reported having vulnerabilities in their cybersecurity frameworks
 80% of RFIs had inadequate incident response plans
70% of RFIs lacked threat intelligence capabilities
 60% of RFIs had insufficient security monitoring systems

The FSA and BOJ have compiled the results of the CSSA into a report, which provides an overview of the cybersecurity management frameworks of RFIs as a whole and identifies key areas for further improvement. The report highlights the importance of robust cybersecurity management frameworks for RFIs, particularly in the context of increasing cyberattacks.

Overall, the CSSA results emphasize the need for RFIs to prioritize cybersecurity and implement effective measures to mitigate threats.

References:

“Bank of Japan’s Financial System Report Annex : Results of the Cybersecurity Self-Assessment for Regional Financial Institutions (FY2022)”” (PDF: 537KB

Financial Services Authority

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