Creating a next–generation financial model by bringing together digital technologies and social contribution
Mizuho is proactively engaging with the process of using digital technologies to create new forms of social living, such as those imagined in Society 5.0* and smart city concepts. Through our engagement, we will create new ways of interacting with finance that will positively contribute to solving social issues.
* A major policy promoted by the Japanese Cabinet Office's Council for Science, Technology and Innovation for creating a "Super Smart Society" (Society 5.0) through advances in science and technology.
How digital technologies will be incorporated into finance to establish sustainable business models is one of the most important areas of focus. With changes in the business environment during and after the COVID-19 pandemic, we believe that digitalization, such as the shift toward remote and contactless services, will continue to accelerate at an increasing pace.
Taking such changes in the business environment as opportunities for creating innovation, we are collaborating openly with other companies to meet the emerging needs of our customers (create new business) and to transform our own business operations (enhance existing services and improve productivity).
Development framework for digital domains
The digital innovation departments of Mizuho Financial Group and Mizuho Bank, as well as Mizuho Research & Technologies, which is a core non-financial subsidiary, are working together to create new business. Through such efforts, we are combining our capacity to create new financial business and leverage the scale of our business, backed by our customer base, with our capacity to create new non-financial business and adopt IT systems to promote fast-paced innovation and business development based on original ideas for solutions that span financial and non-financial areas.
We openly engage with startup companies and other organizations through Blue Lab*, carrying out open innovation through ideas and viewpoints that flow freely without being limited to finance.
* A company aiming to create new business, established as a joint venture with partners including Silicon Valley venture capital firm WiL, companies from other industries, and regional financial institutions.
Create new business
We are working to provide services that meet expectations for remote and contactless digital services in financial areas, and toward solving social issues in non-financial areas such as the healthcare field and in community relations.
Also, in order to realize such services, we are advancing the utilization of digital technologies such as blockchain technology and AI.*
* AI Powerhouse was established as Mizuho's AI technology research organization inside Mizuho Research & Technologies.
- J-Coin Pay smartphone payments service (finance/remote/contactless)
- Digital local gift cards that contribute to the regional revitalization measures of local governments and other organizations (finance/remote/contactless)
- J.Score service leveraging AI for individuals' credit scores (finance/AI)
- Service for issuing digital corporate bonds targeting individual investors using blockchain technology (finance/blockchain)
- Unified management of capital flows, trade flows, and logistics (finance/blockchain)
- Healstep, a consulting service for Japanese health insurance associations leveraging AI (healthcare/AI)
- Smiile, an exchange service for local communities to facilitate the mutual support of neighborhood residents (community relations)
Cyberattacks are on the rise with the advancement of digitalization throughout society
As digitalization continues to advance, communication and economic activities that take place over the Internet have become a part of daily life in many regions around the world. With the Internet becoming a public space where large volumes of private information circulate and accumulate, the number of cyberattacks that target such information is also growing. Means of carrying out cyberattacks are increasingly being offered as services and are becoming more specialized, allowing cyberattacks to be executed by collaborating parties regardless of whether each party possesses all the necessary skills for an attack. Such developments lay behind the increase in cyberattacks.
Mizuho's cybersecurity initiatives
At Mizuho as well, we are advancing financial services and data business that leverage digital technologies.
In order to provide safe and reliable services to our customers, it is important that we address the risks that accompany the use of digital technologies, particularly with regard to cybersecurity.
As we stated in the Declaration of Cybersecurity Management that we released in June 2018, we consider cyberattacks to be one of the top risks for our business, and have developed our management policies and declared our intentions to address cybersecurity as a management priority. Specifically, with Mizuho-CIRT1 taking the lead, we have assigned high-level professionals and are drawing on intelligence and cutting-edge technology developed in collaboration with external specialized organizations, while also establishing a monitoring framework via integrated SOC2. We are also focusing on personnel development in the medium to long term together with our initiatives to strengthen our resilience frameworks, including the analysis of computer viruses and the development of defense-in-depth measures. In addition, to strengthen our global cybersecurity frameworks across the group, we have assigned a Group CISO3 under the direction of executive management.
Declaration of Cybersecurity Management
1. Cyber Incident Response Team
2. Security Operation Center
3. Chief Information Security Officer
Cybersecurity at Mizuho
Assessing cyber risks at Mizuho
One of our initiatives for cybersecurity at Mizuho is cyber risk assessment, in which we assess the maturity level of organizational management systems and the IT system defenses of all companies in the Mizuho group on a regular basis for cyberattack risks. Actions are then taken in accordance with the results of the assessment.
Approach to cyberattack risks
Flow of cyber risk assessments