AI-powered cyberattacks escalate against Japanese financial and manufacturing sectors
Japanese manufacturing and financial institutions face escalating cyberattacks powered by AI tools such as FraudGPT and ElevenLabs, according to security research from IBM and KnowBe4. Manufacturing remains the top targeted sector globally for four consecutive years, with Japan the most attacked nation in Asia-Pacific, while financial institutions worldwide experienced approximately 300-fold increases in attacks since 2021.
What happened
According to IBM's 2024 analysis, manufacturing has been the top target of cyberattacks for four consecutive years, accounting for 26 percent of all attacks. Within Asia-Pacific, 56 percent of attacks on manufacturing target the region, with Japan receiving the most attacks.
KnowBe4 reported in September 2025 that AI-powered attack methods are increasing, with threat actors using tools such as FraudGPT and ElevenLabs for phishing campaigns and voice cloning attacks. Financial institutions globally received approximately 300 times more cyberattacks annually in 2024 compared to 2021, a 25 percent increase from 2023.
Reported impact
IBM analysis shows the top damage to victim organizations came from credential theft at 29 percent, followed by data theft at 18 percent. One financial institution's systems were disrupted by a single system breach affecting 38 networks, according to KnowBe4.
KnowBe4 noted that phishing attack success rates against financial institutions reached 44.7 percent, and that organizations using proper security awareness training reduced phishing risk by five times compared to those without training.
Index analysis
Attack methods are diversifying as threat actors employ multiple techniques including credential theft, data exfiltration, ransomware deployment, and supply chain compromise. KnowBe4 identified over 300 dark web marketplaces offering stolen credentials, with stolen credit card data appearing 58 times in 2024 compared to 68 times involving stolen email credentials.
In the APAC region, India leads phishing attacks at 5.81 percent, followed by Indonesia at 4.65 percent, Thailand at 2.33 percent, and Japan at 1.16 percent. However, Japan receives the highest number of cyberattacks targeting manufacturing industries overall.
Governance controls
KnowBe4 security adviser James McGill recommended that organizations address security gaps through human risk management and security awareness training, noting that attackers exploit the 'human element' regardless of technical defenses.
KnowBe4's report emphasized that security awareness measures and proper identity and access controls are necessary for organizations in the financial sector to address cyber threats.
Classification
Sources and evidence
This record was researched and written by the Index, based on the following original reporting.