GMO CEO Kumagai to hold press conference over cyberattack — The Japan Times

In Tokyo, Japan, GMO Internet Group CEO Masatoshi Kumagai and other company executives will hold a press conference on Monday regarding a series of unauthorized access incidents. The Japan Times reports, citing a company statement.

Attack on cloud service

The company is expected to explain the circumstances of the cyberattack on the Onamae.com Desktop Cloud service, which provides servers for automated foreign currency margin trading. GMO also plans to report on its response concerning affected customers and measures to prevent new incidents.

This will be GMO's first press conference since the unauthorized access incidents became known. Users of the company's foreign currency margin trading services are calling on it to explain how millions of yen in assets were lost in a short period of time.

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User losses

A female company employee in her 20s from Aichi Prefecture said that on the morning of October 22, she discovered that nearly all funds in her account had been lost. According to her, around 50 unauthorized trades were conducted in about three minutes at around 5:00 a.m., causing her to lose ¥4.3 million.

A 58-year-old trader from Fukui Prefecture reported losing about ¥680,000. His transaction history included trades in currencies he does not normally trade, including the South African rand and the Danish krone. The trader also said that, in his view, the company had known about system vulnerabilities for some time but had not taken action.

A 39-year-old civil servant from Niigata Prefecture lost about ¥1 million in investments that, he said, he had set aside for the education of his two daughters and his family's future.