Eugene Grygo, Chief Content Editor, FTF News
When it comes to cyber-attacks, my guess is that financial services firms are petrified that they will be hit hard by a rather successful invasion sooner than later. The potential of such attacks causes firms to clam up and pretend that have no problems until they are forced to acknowledge that a catastrophe is underway.
My gut instincts tell me that there has got to be a better way and, in Japan, Mitsubishi UFJ Financial Group, Inc. (MUFG) may have found it.
MUFG and its affiliated companies have issued a cyber-security declaration in an attempt to be proactive about this very controversial subject. MUFG officials say that they want to build cybersecurity “from the two perspectives of value creation and risk management” as specified by the Japan Business Federation’s (Keidanren) Declaration of Cyber Security Management.
Thus, MUFG has set forth its Cyber Security Management Declaration, which features five major components.
Among other things, the first section offers a basic recognition of cyber-attacks as a major management issue.
This part of the declaration will require managers to:
- “deepen their…
