Cyberattack against JPMorgan Chase Affects 76 Million Households

Cyberattack against JPMorgan Chase Affects 76 Million Households

The attack also affected an estimated seven million businesses

Cyberattack against JPMorgan Chase Affects 76 Million HouseholdsA cyberattack over the summer on JPMorgan Chase compromised the accounts of 76 million households as well as seven million small businesses, according to a report. These are much higher numbers than previous estimates by the bank, making the attack one of the largest ever.

“We’ve migrated so much of our economy to computer networks because they are faster and more efficient, but there are side effects,” said Dan Kaminsky, a chief scientist at the security company White Ops.

Up until a few weeks ago the bank believed only one million accounts were affected. Once officials from the bank realized the severity of the attack, they quickly moved to reassure customers that no money has been taken and their financial information remained secure.

Instead of taking money, the hackers obtained a list of applications and programs that run on JPMorgan’s computers, which they could index with known vulnerabilities for each application as a way to enter back into the bank’s systems.

Jamie Dimon, JPMorgan’s chairman and chief executive, has acknowledged the growing threat of cyberattacks. “We’re making good progress on these and other efforts, but cyberattacks are growing every day in strength and velocity across the globe.”

Some question the motive of the hackers considering they didn’t appear to take any money. Security experts are even going so far as to think they may have been sponsored by elements of the Russian government.

 

Now the bank must swap out all of the programs and applications used internally as well as renegotiate licensing deals with technology suppliers in order to try and quell any attack going forward. That process takes months however, leaving the financial institution vulnerable to other attacks of this nature.

 

JPMorgan Chase says it plans to spend $250 million on digital security annually.

About the Author

Matt Holden is an Associate Content Editor for 1105 Media, Inc. He received his MFA and BA in journalism from Ball State University in Muncie, Indiana. He currently writes and edits for Occupational Health & Safety magazine, and Security Today.

Featured

  • Collaboration Made Easy Using a Work Management Platform

    Effective collaboration between security operators, teams and other departments is critical to the smooth functioning of organizations. Yet, as organizations grow in complexity, it becomes more difficult for teams to coordinate with each other. This is compounded by staffing shortages, turnover and ineffective collaboration tools. Read Now

  • Creating a Safer World

    Managing and supporting locks and door hardware within a facility is a big responsibility. A building’s security needs to change over time as occupancy and use demands evolve, which can make it even more challenging. Read Now

  • Creating More Versatility

    Today, AI has become top of mind for most security professionals. It is the topic of conversation in the technology world and continues to transform the way data is used to make important business decisions. Read Now

  • Report: 78 Percent of CISOs Seeing Significant Impact from AI-Powered Cyber Threats

    Darktrace recently unveiled its 2025 State of AI Cybersecurity report. The findings reveal that 78% of Chief Information Security Officers (CISOs) surveyed say that AI-powered threats are having a significant impact on their organizations, a 5% increase1 from 2024. While an increasing number of CISOs report feeling a significant impact from AI threats, more than 60% now say that they are adequately prepared to defend against these threats, an increase of nearly 15% year-over-year. However, insufficient AI knowledge and skills and a shortage of personnel and talent continue to be listed as the two top inhibitors to a successful defense. Read Now

New Products

  • ComNet CNGE6FX2TX4PoE

    The ComNet cost-efficient CNGE6FX2TX4PoE is a six-port switch that offers four Gbps TX ports that support the IEEE802.3at standard and provide up to 30 watts of PoE to PDs. It also has a dedicated FX/TX combination port as well as a single FX SFP to act as an additional port or an uplink port, giving the user additional options in managing network traffic. The CNGE6FX2TX4PoE is designed for use in unconditioned environments and typically used in perimeter surveillance.

  • HD2055 Modular Barricade

    Delta Scientific’s electric HD2055 modular shallow foundation barricade is tested to ASTM M50/P1 with negative penetration from the vehicle upon impact. With a shallow foundation of only 24 inches, the HD2055 can be installed without worrying about buried power lines and other below grade obstructions. The modular make-up of the barrier also allows you to cover wider roadways by adding additional modules to the system. The HD2055 boasts an Emergency Fast Operation of 1.5 seconds giving the guard ample time to deploy under a high threat situation.

  • Mobile Safe Shield

    Mobile Safe Shield

    SafeWood Designs, Inc., a manufacturer of patented bullet resistant products, is excited to announce the launch of the Mobile Safe Shield. The Mobile Safe Shield is a moveable bullet resistant shield that provides protection in the event of an assailant and supplies cover in the event of an active shooter. With a heavy-duty steel frame, quality castor wheels, and bullet resistant core, the Mobile Safe Shield is a perfect addition to any guard station, security desks, courthouses, police stations, schools, office spaces and more. The Mobile Safe Shield is incredibly customizable. Bullet resistant materials are available in UL 752 Levels 1 through 8 and include glass, white board, tack board, veneer, and plastic laminate. Flexibility in bullet resistant materials allows for the Mobile Safe Shield to blend more with current interior décor for a seamless design aesthetic. Optional custom paint colors are also available for the steel frame.