Japanese companies compensate users as cyberattacks buffet economy
Japanese companies are stepping up to pay compensation to users following a series of cyberattacks that have disrupted internet services and raised concerns over economic stability. GMO Internet Group announced that it will compensate customers for losses incurred due to unauthorized access following a cyberattack on its foreign exchange trading service.
The CEO, Masatoshi Kumagai, stated that all customers would receive 5,000 yen ($32) as a goodwill gesture. Japan has also formed a team to simulate cyberattacks using AI in order to identify vulnerabilities in technology systems. Shares of GMO fell nearly 14% after the incident, while Tokyo's benchmark index rose by 0.3%. The company has offered free alternative services to its customers for six months.
The government and companies across Japan, Europe, and beyond were offline last week following the disclosure of critical vulnerabilities in the PHP programming language, which triggered millions of hacking attempts. Japanese companies have been struggling to protect their vast amounts of customer data, with 723 cybersecurity incidents reported in the year to October 20, surpassing the annual totals in 2023 and 2024.
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