{
  "title": "Japan: Financial Sector Assessment Program-Technical Note on Cyber Resilience and Financial Stability",
  "publication": "IMF Staff Country Reports, May 13, 2024",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2024/05/10/japan-financial-sector-assessment-program-technical-note-on-cyber-resilience-and-financial-548805",
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  "summary": "This Technical Note focuses on Cyber Resilience and Financial Stability for the Japan Financial Sector Assessment Program. The cyber ecosystem is mature in Japan, with a range of stakeholders involved in ensuring the cybersecurity of the financial sector.",
  "sections": [
    {
      "heading": "Executive summary and key findings",
      "content": "- The Technical Note focuses on Cyber Resilience and Financial Stability for the Japan Financial Sector Assessment Program.\n- The cyber ecosystem is mature in Japan, with a range of stakeholders involved in ensuring the cybersecurity of the financial sector.\n- The Financial Services Agency (FSA) is responsible for developing and operationalizing the cyber strategy for the financial sector.\n- Cyber risk regulation and supervisory practice need further improvements.\n- The Bank of Japan (BOJ) should strengthen the cyber risk oversight of financial market infrastructures.\n- The FSA would benefit from deepening its analysis of the operational interconnectedness of the financial system.\n- Further improvements in the response and recovery capabilities are recommended.\n- The FSA and BOJ should keep upgrading, as necessary, a range of extreme but plausible cyber scenarios along with their existing Business Continuity Plans and/or Cyber Incident Response and Recovery Plans, for the financial sector.\n- The authorities currently have strong cyber incident reporting regimes in place, with clear definitions, taxonomies, thresholds, and communication channels."
    },
    {
      "heading": "Policy recommendations and supervisory priorities",
      "content": "- Strengthen cyber risk regulation and supervisory practice across the financial sector.\n- BOJ to enhance cyber risk oversight specifically for financial market infrastructures.\n- FSA to deepen analysis of operational interconnectedness to better understand systemic cyber contagion channels.\n- Improve response and recovery capabilities across financial entities and infrastructure providers.\n- Regularly upgrade extreme but plausible cyber scenarios and integrate them into Business Continuity Plans and Cyber Incident Response and Recovery Plans."
    },
    {
      "heading": "Institutional roles and coordination",
      "content": "- Financial Services Agency (FSA): responsible for developing and operationalizing the cyber strategy for the financial sector.\n- Bank of Japan (BOJ): recommended to strengthen oversight of financial market infrastructures.\n- Multiple stakeholders: the report highlights a range of stakeholders involved in ensuring cybersecurity within Japan’s mature cyber ecosystem."
    },
    {
      "heading": "Publication and metadata",
      "content": "- Publication date: May 13, 2024\n- Pages: 39\n- Volume: 2024\n- Issue: 113\n- Series: Country Report No. 2024/113\n- DOI: https://doi.org/10.5089/9798400276255.002\n- Stock No: 1JPNEA2024005\n- ISBN: 9798400276255\n- ISSN: 1934-7685"
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subject: Cyber risk; Economic sectors; Financial sector; Financial sector policy and analysis; Financial sector stability; Financial stability assessment; International organization; Monetary policy; PFM information systems; Public financial management (PFM); Technology\n- Keywords: BOJ-NET participant; context of the Financial Sector Assessment Program; Cyber risk; Financial sector; Financial sector stability; Financial stability assessment; FSAP finding; Global; Japan Computer Emergency Response Team coordination Center; PFM information systems; securities commission\n\nInternational Monetary Fund. Monetary and Capital Markets Department \"Japan: Financial Sector Assessment Program-Technical Note on Cyber Resilience and Financial Stability\", IMF Staff Country Reports 2024, 113 (2024).\n\n---\n\n Content in this bundle\n\n- 1jpnea2024005 - Executive Summary\n  - 1jpnea2024005 - Executive Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1jpnea2024005 - Executive Summary (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: May 13, 2024",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400276255.002",
    "The Technical Note focuses on Cyber Resilience and Financial Stability for the Japan Financial Sector Assessment Program.",
    "The cyber ecosystem is mature in Japan, with a range of stakeholders involved in ensuring the cybersecurity of the financial sector.",
    "The Financial Services Agency (FSA) is responsible for developing and operationalizing the cyber strategy for the financial sector.",
    "The Bank of Japan (BOJ) should strengthen the cyber risk oversight of financial market infrastructures.",
    "The FSA would benefit from deepening its analysis of the operational interconnectedness of the financial system.",
    "Further improvements in the response and recovery capabilities are recommended.",
    "The FSA and BOJ should keep upgrading, as necessary, a range of extreme but plausible cyber scenarios along with their existing Business Continuity Plans and/or Cyber Incident Response and Recovery Plans, for the financial sector.",
    "The authorities currently have strong cyber incident reporting regimes in place, with clear definitions, taxonomies, thresholds, and communication channels.",
    "Strengthen cyber risk regulation and supervisory practice across the financial sector.",
    "BOJ to enhance cyber risk oversight specifically for financial market infrastructures.",
    "FSA to deepen analysis of operational interconnectedness to better understand systemic cyber contagion channels.",
    "Improve response and recovery capabilities across financial entities and infrastructure providers.",
    "Regularly upgrade extreme but plausible cyber scenarios and integrate them into Business Continuity Plans and Cyber Incident Response and Recovery Plans.",
    "Financial Services Agency (FSA): responsible for developing and operationalizing the cyber strategy for the financial sector.",
    "Bank of Japan (BOJ): recommended to strengthen oversight of financial market infrastructures.",
    "Multiple stakeholders: the report highlights a range of stakeholders involved in ensuring cybersecurity within Japan’s mature cyber ecosystem.",
    "Publication date: May 13, 2024",
    "Pages: 39",
    "Volume: 2024",
    "Issue: 113",
    "Series: Country Report No. 2024/113",
    "DOI: https://doi.org/10.5089/9798400276255.002",
    "Stock No: 1JPNEA2024005",
    "ISBN: 9798400276255",
    "ISSN: 1934-7685",
    "Subject: Cyber risk; Economic sectors; Financial sector; Financial sector policy and analysis; Financial sector stability; Financial stability assessment; International organization; Monetary policy; PFM information systems; Public financial management (PFM); Technology",
    "Keywords: BOJ-NET participant; context of the Financial Sector Assessment Program; Cyber risk; Financial sector; Financial sector stability; Financial stability assessment; FSAP finding; Global; Japan Computer Emergency Response Team coordination Center; PFM information systems; securities commission",
    "**1jpnea2024005 - Executive Summary**"
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