Developing Story
Wave of Cyberattacks on Japanese Companies
Japanese firms, including GMO Internet, are compensating customers after a wave of cyberattacks disrupted internet and financial services, raising broader concerns about economic stability.
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## Overview
Japanese companies are moving to compensate customers following waves of cyberattacks that have disrupted internet services and raised concerns about economic stability (SCMP, October 26). GMO Internet said customers would be compensated for losses from unauthorized access following a cyberattack on its foreign exchange trading service, with all customers receiving 5,000 yen (about $32) as 'an initial gesture of good faith,' according to CEO Masatoshi Kumagai (SCMP, October 26).
## Why it matters
This is a developing story about corporate liability and regulatory response to cybersecurity incidents in Japan, relevant to tracking financial-sector cyber risk and compensation precedents in Asia.