Japan regulators to oversee computer system failures at Mizuho

Published by
Kyodo News

Japan’s financial watchdog said Wednesday it requested Mizuho Financial Group Inc. and its banking arm Mizuho Bank to submit a work plan for system maintenance after a series of system failures this year, in a rare move to effectively oversee the system of a major bank. The Financial Services Agency made the request as part of its business improvement order issued amid lingering concerns over the security of the financial group’s system after it experienced seven failures this year. Mizuho, one of the three Japanese megabanks, is still working to identify the root causes of the series of failu…

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