The Basic Act on Cybersecurity was enacted after being approved by the National Assembly
in Japan in November 2014. The Payment Services Act was enacted too, and a policy to
support FinTech as one of the basic directions of administrative control was recently proposed.
The Payment Services Act is intended to achieve a predominating influence over other
countries by pushing ahead with public-private cooperation, by grasping international trends,
and by providing information concerning FinTech. Japan is concentrating its efforts to create
and develop a finance security policy as the management of security and safety has become
a key issue in the financial industry. This is in accordance with the environmental changes in
the development of ICT technology and the financial market.
We need to examine the system and the present conditions of Japan's Cybersecurity, which
has been being constructed rapidly as there have been a considerable number of cyber terrors
or cases of cyberattacks in comparison with the United States. Korea, also, needs to establish
a flexible security policy to guard against security threats and security accidents concerning
electronic finance, and to prepare long-term and short-term policies, depending on the changes
in security crimes, to increase the efficiency of management and supervision in financial
institutions.