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

  • By Matt Holden
  • Oct 03, 2014

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

  • Security Industry Association Announces the 2026 Security Megatrends

    The Security Industry Association (SIA) has identified and forecasted the 2026 Security Megatrends, which form the basis of SIA’s signature annual Security Megatrends report defining the top 10 factors influencing both near- and long-term change in the global security industry. Read Now

  • The Future of Access Control: Cloud-Based Solutions for Safer Workplaces

    Access controls have revolutionized the way we protect our people, assets and operations. Gone are the days of cumbersome keychains and the security liabilities they introduced, but it’s a mistake to think that their evolution has reached its peak. Read Now

  • A Look at AI

    Large language models (LLMs) have taken the world by storm. Within months of OpenAI launching its AI chatbot, ChatGPT, it amassed more than 100 million users, making it the fastest-growing consumer application in history. Read Now

  • First, Do No Harm: Responsibly Applying Artificial Intelligence

    It was 2022 when early LLMs (Large Language Models) brought the term “AI” into mainstream public consciousness and since then, we’ve seen security corporations and integrators attempt to develop their solutions and sales pitches around the biggest tech boom of the 21st century. However, not all “artificial intelligence” is equally suitable for security applications, and it’s essential for end users to remain vigilant in understanding how their solutions are utilizing AI. Read Now

  • Improve Incident Response With Intelligent Cloud Video Surveillance

    Video surveillance is a vital part of business security, helping institutions protect against everyday threats for increased employee, customer, and student safety. However, many outdated surveillance solutions lack the ability to offer immediate insights into critical incidents. This slows down investigations and limits how effectively teams can respond to situations, creating greater risks for the organization. Read Now

Most   Popular

New Products

  • 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.

  • AC Nio

    AC Nio

    Aiphone, a leading international manufacturer of intercom, access control, and emergency communication products, has introduced the AC Nio, its access control management software, an important addition to its new line of access control solutions.

  • 4K Video Decoder

    3xLOGIC’s VH-DECODER-4K is perfect for use in organizations of all sizes in diverse vertical sectors such as retail, leisure and hospitality, education and commercial premises.