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Results of the Cybersecurity Self-Assessment for Regional Financial Institutions (FY2023)

December 24, 2024
Financial System and Bank Examination Department, Bank of Japan
Strategy Development and Management Bureau, Financial Services Agency

Abstract

For financial institutions in Japan, it has become a significant challenge to develop cybersecurity management posture and to ensure their effectiveness, in light of the increasing threat of cyberattacks, in their efforts for improving customer services and operational efficiency by the use of digital technologies. Following fiscal 2022, the BOJ and the FSA conducted the CSSA in fiscal 2023, targeting regional financial institutions (99 regional banks, 254 shinkin banks, and 145 shinkumi banks).

The results found that many of the regional financial institutions consider ensuring cybersecurity to be an important management issue and are steadily making efforts to enhance the effectiveness of their cybersecurity controls through the introduction of measures concerning both technological and organizational aspects. On the other hand, the results also found that they still have challenges in securing and fostering cybersecurity human resources and managing third-party risks.

The BOJ and the FSA expect that regional financial institutions will fully utilize the CSSA in their efforts for further strengthening their cybersecurity management posture, and will continue supporting those efforts through conducting inspections/examinations, monitoring and various seminars.

  • In FY2023, the CSSA was conducted for regional financial institutions as well as other financial institutions including insurance and securities. For a summary of the results for insurance and securities, see the FSA website (Link to an external website).

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Inquiries

Examination Planning Division, Financial System and Bank Examination Department

E-mail : csrbcm@boj.or.jp