Japan Standardizes Cyber Attack Reporting for Crypto Exchanges
The Japanese Financial Services Agency (FSA) has proposed standardizing the reporting format for cyber attacks affecting financial institutions, including cryptocurrency exchanges. The new format will align with the broader initiative to standardize reporting formats across government agencies.
The current system requires financial institutions to report cyber attacks using a unique format established by the FSA, but this can be burdensome for businesses. With the proposed revisions, financial institutions, including cryptocurrency exchanges, will report incidents of system failures or hacking using a common format used across government agencies.
The new reporting format categorizes incidents into three types: 'Common Format for DDoS Attack Incidents,' 'Common Format for Ransomware Incidents,' and 'Common Format for Other Cyber Attack Incidents.' Financial institutions must immediately report the facts to the FSA and submit a detailed report using the applicable format.
The FSA is currently soliciting public comments on this proposal until September 7, after which the final system design will be developed. The new system prioritizes businesses that are critical social infrastructure providers for a phased transition.