Iwai Cosmo Securities disclosed the situation after its outsourced trading management system was subject to unauthorized access, resulting in transactions that customers did not intend. Japan Securities Dealers Association Chair Hibino Takashi (日比野隆司) announced plans to strengthen measures to prevent recurrence and expand cybersecurity support.
Iwai Cosmo Securities disclosed that its outsourced trading management system was subject to unauthorized access, resulting in unauthorized transactions being executed in 5 accounts. The accounts were subsequently restored to their original state.
At a regular press conference, Japan Securities Dealers Association Chair Hibino Takashi (日比野隆司) said that the association “takes this extremely seriously” and indicated that it would thoroughly address customers’ needs and strengthen measures to prevent recurrence, as well as cybersecurity support for member firms.
The association indicated that it plans to strengthen support for security measures in coordination with the Financial Services Agency, including for small and regional securities companies whose security measures appear to be inadequate.
Securities companies are urgently taking steps such as checking the security of the firms to which they outsource their trading systems.