GMO Internet Promises Payments After Cyberattack

GMO Internet Group will pay customers an initial 5,000 yen each and compensate losses caused by unauthorized access to its foreign-exchange trading service, Chief Executive Masatoshi Kumagai said. The company announced the plan after a cyberattack disrupted the service, as other Japanese firms also outlined customer payments following data breaches. In a blog post published October 25, Kumagai said the 5,000-yen payment would be an initial goodwill measure and that customers would be compensated for losses stemming from unauthorized access. GMO said it had received a demand for money from a party it believes was behind the attack, along with a threat to disclose company and customer information if it did not comply. The company said it would not pay and would coordinate its response with police and other authorities. GMO also plans to provide customers with a free alternative service for six months. Kumagai said company security staff had identified issues, but that the depth and speed of the response were insufficient. The company said it could not yet calculate the effect of compensation and response costs on earnings. Separately, Park24 said it would pay 3,000 yen to...