Hackers Attack Leading Investment Bank

Uploaded on 2024-01-22 in TECHNOLOGY--Hackers, FREE TO VIEW, BUSINESS-Services-Financial

JPMorgan Chase has reported seeing double the amount of hacking attempts this year compared to 2022.The US bank reported that it saw an almost unbelievable 45 million hacking attempts to infiltrate its system each day. JPMorgan is the largest bank in the United States and the fifth largest bank in the world - with $3.9 trillion in total assets.

Its is experiencing this level of cyber attacks daily as hacking fraudsters become “smarter, savvier, quicker, more devious, more mischievous”, the bank’s head of Asset and Wealth Management, Mary Erdoes told the WEF Conference in Davos.

The banking industry is estimated to spend annually $15bn on electronic technology and employs 62,000 technologists, many of them focusing on reducing the increase in cyber attacks. “We have more engineers than Google or Amazon. Why? Because we have to.” Erdoes said.

The malicious criminal activities includes stealing user logins and employee virtual desktops as well as automated scanning.

NATO countries have been hit by an increase in cyber attacks in the last two years which can largely be blamed on Russian hackers acting in response to sanctions placed on the country following the war on Ukraine.

In 2023, the number of ransomware attacks in the finance industry surged by 64 per cent, and was nearly double the 2022 level, according to leading cybersecurity firm, Sophos.

Increasingly, cyber criminals are using AI to boost the number and sophistication of their attacks. Also speaking at Davos was the deputy managing director of the International Monetary Fund, Gita Gopinath, who expressed concern about the use of AI to deliver cyber crime exploits. “Given the tremendous uncertainty about the scale of the impact of this technology and the way it is evolving, policy could be playing catch-up... We could risk having a big event before we actually work out how to fix it.” ” she said.

The banking sectors is one of the biggest spenders on AI technology and expects to derive many benefits in terms of improving productivity. There are, however, significant risks concerning data privacy and 'embedded bias' in AI determined lending decisions.

A recent Bank of England survey found that financial institutions think that cyber attacks are the number one systematic risk to the sector. More than 70% of bank executives surveyed by KPMG in 2023 said that cyber security was a major concern for their company.

“It’s so hard and it’s going to become increasingly harder. That’s why staying one step ahead of it is the job of each and every one of us,” said Erdoes.

Bank of England: CNN: Pymnents: Bloomberg: Slashdot: FT: Daily Mail: Yahoo:

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