Lack of Precaution behind Mizuho Bank System Glitch

Economy

Tokyo, March 3 (Jiji Press)--Optimistic assumptions are believed to have caused Sunday's system failure at Mizuho Bank, which brought many of its automated teller machines to a halt for hours, inflicting extensive damage on customers.

The major Japanese bank conducted an irregular data update without reinforcing the system at the month-end, when regular transactions such as monthly savings in time deposit accounts are concentrated.

Furthermore, the bank misjudged the impact of a protective function of its renewed core computer system for banking operations.

In order to prevent any recurrence of the problem, Mizuho Bank needs to prepare for a broad range of risks from customers' standpoints, experts say.

The latest system glitch led to a temporary suspension of 4,318 ATMs, some 80 pct of all Mizuho Bank ATMs nationwide.

[Copyright The Jiji Press, Ltd.]

Jiji Press