Japanese company compensates for cyber attack

Earlier this week we discussed the very real advice from UK government to "Be Ready" and prepare, most likely for a cyber attack to target infrastructure. This follows French supermarkets being targeted and now Japan has experienced a wave of cyber attacks so disruptive it is impacting on internet services and feeding into concerns of economic stability.

GMO Internet Group provides financial services, internet infrastructure and cryptocurrency ​trading, they are a leading online financial services provider in Japan. Their CEO Masatoshi Kumagai has said "The internet itself is now starting to break down," according to Reuters. In a blog post on Sunday he stated customers would be compensated for losses stemming from unauthorised access. Customers could expect to receive 5,000 yen (£24) as a gesture of goodwill.

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Shares in this company have dropped 16% over the weekend, a four month low.

The Japanese government is planning an emergency package against cyber attacks and is setting up a team to identify weaknesses using AI. This all stems back to the PHP cyber attack which impacted the internet worldwide so heavily last week. Read more on our PHP article including what it is and what happened here.

This article has been created for information purposes only and is not considered financial advice.