BY Marketing Ground Labs | 29 October 2015
A lot of the data breach stories we read about seem to focus on America. Even with cyber-attacks and threats against Sony Pictures, which lead to the Interview not making a theatrical release, felt more like an American story than a Japanese one.
Make no mistake, though: Japan faces a great deal of cyber-crime, even if we aren’t always reading about it.
A report by Trend Micro titled ‘The Japanese Underground’ showed that in 2014, the number of potential cybercrime cases went up a staggering 40%.
The financial damage from illegal online bank transfers in the same year totaled US$24 million.
Given that the e-commerce market in the APAC region is even more vibrant than in the entire NA, and that CNP fraud is the fastest rising type of fraud in the APAC region, it’s easy to see that if things don’t change, the future of credit card payment in Japan is grim.
Fortunately, things do look like they are about to change.
At the PCI Tokyo conference held two weeks ago, data security experts met to learn more about the state of data security in the region as a whole, as well as take part in discussions that could lead to solving the current data breach crisis.
One of the key takeaways from the conference is that Japan is actively working on making payments safe both for its residents as well as tourists. One of the reasons they are doing this is to prepare for the 2020 Tokyo Olympic and Paralympic Games, where they are expecting to see a gargantuan crowd of people shopping with their credit cards.
Methods they are employing include eliminating malicious merchants and increasing the number of EMV-enabled terminals used all over Japan.
Is the PCI Standard Working?
Interestingly enough, another common theme at the PCI event seemed to be the effectiveness of the standard, which comes under fire every time a company gets breached despite having attained PCI compliance.
The resounding opinion is that the reason many companies get breached despite meeting compliance standards is that they treat PCI compliance like Christmas; like security is a special thing you only pay attention to once a year during an audit.
Here are some of the key points raised by various speakers regarding the issue:
Ground Labs @ PCI Tokyo
As with every PCI conference, we at Ground Labs were busily showcasing our next-gen data security solutions, and it was great meeting a lot of QSAs that operate only in Japan.
We heard from them the usual horror stories we get all around the world, like how clients they audit still use the default network passwords.
Overall, we can definitely see Japan moving forward towards a more secure future, and we are excited to see the government create an environment where everyone feels safe paying with their credit cards.
And that’s only partially because the Japanese Yen coins weigh a little too heavy in our pockets for our liking.
Share this article!
Want to keep up with all our blog posts? Subscribe to our newsletter!
As companies all around the world continue have large portions of their workforce remote, the need to keep their data safe and protected is even more critical. To help companies navigate this new reality and mitigate security risks, we are providing a 90-day complimentary version of our flagship solution—Enterprise Recon. Learn more about it here.
Please submit the form below and we’ll contact you to schedule a discovery call. Want to skip the email? Go here to schedule a meeting directly on our calendar.