Photo: Mizuho Bank

Regulators to oversee computer system failures at Mizuho


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That's not the only one, if critical IT system like financial industry can suffer this in Japan.'s-mufg-blames-atm-woes-on-system-glitch

there are plenty others that face similar things too.

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So a financial regulator knows more about IT than a bank? Or both know nothing.

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It's almost like the banks are trying to force customers to switch to electronic payments so they don't have to bother with ATMs anymore

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"We take a serious view of the order," Mizuho Financial Group and Mizuho Bank said in a joint release. "Giving top priority to stable system operations, we will continue to take all possible measures to secure safe and steady system upgrades."

Remediation: yeah right, 7 months of hubris and counting...

*A panel of lawyers and computer system experts set up by the bank concluded in June that the four system problems were caused by poor operation and management, rather than system defects.*

Root-cause: ahem...

*Mizuho Financial Group President and Group CEO Tatsufumi Sakai and 10 other executives took pay cuts of 10 to 50 percent for four months to take responsibility for the repeated failures.*

*Sakai has denied the possibility that the executives would resign, saying the group would focus on measures to prevent recurrences. The bank also recruited an executive from IBM Japan Ltd to oversee systems management.* cuts and no resignation...: J-Inc responsibility shrinking at its best. These guys should go into politics.

...saying the group would focus on measures to prevent recurrences...: hasn't work out up to now, has it?

...*one*** executive to fix things...: the way things are outlined, things in and around IT are the problem, just replacing one **guy at the top of that area won't do very much.

Long story short: expect more to come...

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The bankers are beginning to reap what they sow. It will be fun to watch.

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Rinse and repeat.

Obe needs to like gambling to stay in that Mizuho bank.

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The company I work for did penetration testing and general security testing for Mizuho a few years back. I wrote about it once here, under another article.

TLDR - an absolute horror, the top management thought that IT was useless to them and that the only thing they were paying for was real money.

I'm quite interested to see what the regulators will want to "oversee" and whether it will drive them crazy.

What they don't realize at Mizuho is that nowadays physical security in a bank is practically unnecessary (specifically in Japan), it is much more important to have a secure network today. And not like ENV with data just commented out inside the code of their site. Or unprotected POST and GET methods in internet banking where POST is not validated but just accepted if it is in a certain format.

For some of the things that were in our audit, Mizuho would lose its banking license in other countries, or at best be suspended.

Oh, how I wish I could tell more about the horrors we have found at Mizuho...

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