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Causes and Plans for Improvement and Counter–measures Based on the Recent Computer System Failures

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As a result of the earthquake that struck Eastern Japan and as Japan found itself in a difficult situation, our settlement transactions such as our fund transfer services and automatic debit transactions were malfunctioned as a result of our group's computer system failures. We would like to reiterate our deepest and sincerest apologies to all of our customers and to everyone who have experienced any inconvenience caused by the failures.

In connection with these computer system failures, our group has been undertaking an investigation of the causes and establishing preventive measures. Along with an on–site inspection by the Financial Services Agency, our "Special Investigation Committee on System Failures," an independent third–party committee, has been investigating the causes as well as evaluating and suggesting on the validity of the preventive measures.

Our group is responding to the computer system failures with the utmost seriousness, and all officers and employees of our group will strive to restore the confidence of all of customers as well as society as a whole.

Summary and the Causes of the Computer System Failure

In connection with the recent computer system failures, the analysis of the causes of the occurrence was included in the "Investigation Report" prepared by the Special Investigation Committee on System Failures.

The causes are as follows:

  • circleDeficiency of our system functions
  • circleDeficiencies in systems risk management which led to the inability to prevent the failures
  • circleDeficiencies in crisis management capabilities during the restoration process
  • circleDeficiencies in management administration and auditing

Plan for Improvements and Counter–measures Based on the Computer System Failures

Our plan for improvements and counter–measures, based on the Financial Services Agency inspection and the findings of the "Special Investigation Committee on System Failures," is as follows.

  • circleImprovements and Counter–measures Regarding the Defectiveness of System Functions
    • Reorganization of large volume data processing capabilities
    • Unification of Business Infrastructure
  • circlePreventive Improvements and Counter–measures Regarding Deficiencies in Systems Risk Management Capabilities
    • Improving the level of our Systems Risk CSA
    • Improving the level of our systems risk evaluation in connection with the development of new products and services.
  • circleImprovements and Counter–measures Regarding Deficiencies in Crisis Management Related to Restoration
    • Improvement of the response mechanism upon the occurrence of a crisis
    • Improvement of the system contingency plan
    • Improvement of the business contingency plan
    • Customer relations / public relations, etc.
  • circleImprovement Plan for Deficiency of Business Administration and Auditing
    • Improvements in personnel training and appropriate human resources allocation
    • Improvement of effectiveness of auditing

For further details, please refer to the following news releases:

Mizuho Bank's News Release at May 20, 2011

Mizuho Financial Group's News Release at May 23, 2011

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