, Japan

Mizuho submits business improvement plan following tech failures

Mizuho most recently saw disruptions to its corporate online bank services on 11 January. 

Mizuho Bank and its parent Mizuho Financial Group said that they have submitted a business improvement plan to Japan’s Financial Services Agency (FSA), following a series of IT failures that plagued the bank since early 2021.

This follows after the FSA issued a business improvement order on 26 November 2021, primarily for a series of IT system failures that began on 28 February 2021.

More recently, Mizuho experienced disruptions to its corporate online banking services, as announced by an official spokesperson last 11 January. 

Mizuho said, "[we apologise for] the inconvenience and concern we have caused to our customers and society by allowing these system failures to occur repeatedly in a short period of time.” 

“In the business improvement plan we submitted today, we have fully assessed and revised the measures for improving IT systems that we have formulated up until now, as well as our measures for customer relations and crisis management,” Mizuho said about the plan submitted.

Mizuho Financial Group and Mizuho Bank have already established the System Failure Response Evaluation Committee on the supervisory side and the System Failure Improvement Promotion Committee on the business execution side on 15 June 2021. These will reportedly follow up on, review, and revise the business improvement plan.

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