Japanese companies compensate users as cyberattacks buffet economy

Japanese companies are moving to pay compensation to users following waves of cyberattacks that have disrupted internet services and raised concerns about economic stability.

GMO Internet Group said customers would be compensated for losses stemming from unauthorised access following a cyberattack on its foreign exchange trading service, and all customers would receive 5,000 yen ($32) as “an initial gesture of good faith,” CEO Masatoshi Kumagai said in a blog post on Sunday.

Japan said on Friday it would set up a team to simulate cyberattacks using AI to identify weaknesses in technology systems as organisations scrambled to curtail risks from flaws in the PHP programming language that underpins much of the internet.