Japan's GMO admits systems vulnerable for over two years after breach
· Cybersecurity · Japan
The CEO of Japanese online financial services provider GMO said the company's systems had been vulnerable for more than two years, at its first public briefing since a massive data breach scandal. CEO Masatoshi Kumagai formally acknowledged failings, and he and three other executives will take pay cuts. The case has drawn attention to cybersecurity practices at Japanese financial firms and to how companies respond to breaches.
Why it matters：The admission shows how long vulnerabilities can persist at financial firms and raises questions about oversight of customer data.
Key points
- GMO's systems were vulnerable for more than two years, its CEO said.
- CEO Masatoshi Kumagai and three other executives will take pay cuts.
- It was the firm's first public briefing since the breach.
Sources (original reporting)
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