JPMorgan Chase says hacking attempts are increasing
CNN
JPMorgan Chase says it has seen a sizable increase in attempts by hackers each day to infiltrate its systems over the last year, highlighting the escalating cybersecurity challenges the bank and other Wall Street titans are facing.
JPMorgan Chase says it has seen a sizable increase in attempts by hackers each day to infiltrate its systems over the last year, highlighting the escalating cybersecurity challenges the bank and other Wall Street titans are facing. JPMorgan Chase, the largest US bank by assets, now invests $15 billion a year and employs 62,000 technologists to, in part, help fortify its defense against cyber crimes, said Mary Callahan Erdoes, head of JPMorgan Chase’s asset and wealth management division, at the World Economic Forum in Davos, Switzerland, on Wednesday. “We have more engineers than Google or Amazon. Why? Because we have to,” she said during a panel session. “The fraudsters get smarter, savvier, quicker, more devious and more mischievous.” Last year there were about 45 billion instances of observed activity, including hacking attempts, collected from JPMorgan’s technology assets, a spokesperson told CNN. That’s about double what it was in 2022. Banks across the United States and Europe have reported a surge in cyber attacks over the past few years. Some of that increase has been blamed on Russian actors in retaliation for sanctions put on the country after its invasion of Ukraine. The rapid acceleration of artificial intelligence has also led to more complex attacks.