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

  • Progressing in Capabilities

    Progressing in Capabilities

    Hazardous areas within industries like oil and gas, manufacturing, agriculture and the like, have long-sought reliable video surveillance cameras and equipment that can operate safely in these harsh and unpredictable environments. Read Now

  • A Comprehensive Nationwide Solution

    A Comprehensive Nationwide Solution

    Across the United States, manufacturing facilities, distribution centers, truck yards, parking lots and car dealerships all have a common concern. They are targets for catalytic converters. In nearly every region, cases of catalytic converter thefts have skyrocketed. Read Now

  • Planning for Your Perimeter

    Planning for Your Perimeter

    The perimeter is an organization’s first line of defense and a critical element of any security and surveillance program. Even if a building’s interior or exterior security is strong, without a solid perimeter surveillance approach any company or business is vulnerable. Read Now

  • The Key Issue

    The Key Issue

    It is February 2014. A woman is getting ready in her room on a cruise ship when she hears a knock on the door; it is a crewmember delivering breakfast. She is not presentable so she tells him to leave it by the door. Read Now

Featured Cybersecurity

New Products

  • Schlage RC reader controller

    Schlage RC Reader Controller

    This new innovative device combines the power of the Pure IP™ access control technology pioneered by ISONAS with Schlage’s intelligent hardware and credentials, delivering a comprehensive and cost-effective perimeter solution to customers. 3

  • Dahua 2-Wire IP Video Intercom System

    Dahua 2-Wire IP Video Intercom System

    Dahua Technology is introducing a new line of expandable 2-wire IP video intercom solutions for the North America market. The New 2-wire IP video intercom is more advanced, cost effective, and designed to help businesses increase their security. 3

  • Paxton10 CORE Cameras

    Paxton10 CORE Cameras

    The new CORE Series cameras feature edge processing for ultimate scalability, built-in edge storage, and plug-and-play installation. The addition of the CORE Series gives installers new hardware, better choice, and more value than ever before. 3