JPMorgan Chase: Cyberattacks increasing in volume, sophistication
- JPMorgan Chase reports uptick in attempts by hackers to breach its systems
- 'The fraudsters get smarter, savvier, quicker, more devious,' asset leader
- Company allocating $15 billion annually to technology in response
FILE – The logo for JPMorgan Chase & Co. appears above a trading post on the floor of the New York Stock Exchange in New York, Aug. 16, 2019. Chase UK, JP Morgan’s British digital bank, said Tuesday, Sept. 26, 2023, that it will bar customers from making cryptocurrency transactions starting next month — citing an uptick in scams and fraud. (AP Photo/Richard Drew, File)
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(NewsNation) — JPMorgan Chase & Co., in response to a mounting wave of global cybercrime, reported an uptick in attempts by hackers to breach its systems.
JPMorgan Chase said it is combating approximately 45 billion daily hacking attempts, twice the number from the previous year. Mary Callahan Erdoes, the head of JPMorgan’s asset and wealth management division, revealed the concerning trend during a panel discussion at the World Economic Forum in Davos, Bloomberg reported.
Erdoes emphasized the evolving tactics of cybercriminals, stating, “The fraudsters get smarter, savvier, quicker, more devious, more mischievous. It’s so hard, and it’s going to become increasingly harder, and that’s why staying one step ahead of it is really the job of each and everyone of us.”
Post-panel, JPMorgan clarified Erdoes’ remarks on the volume of hacking attempts the company faces daily.
“Ms. Erdoes was referring to observed activity collected from our technology assets, malicious or not. This activity is then processed by our monitoring infrastructure,” said Joseph Evangelisti, a spokesman for JPMorgan, in a statement. “Examples of activity can include user logins like employee virtual desktops, and scanning activity, which are often highly automated and not targeted.”
In the backdrop of escalating geopolitical tensions since Russia’s invasion of Ukraine almost two years ago, banks are grappling with an increase in cyber incidents. A 2023 survey by KPMG revealed that more than 70% of bank leaders consider cybercrime and cybersecurity as significant concerns for their organizations.
JPMorgan has responded to the rising threat by allocating approximately $15 billion annually to technology, aiming to fortify its cyber defenses, Erdoes said. This marks an increase from the $14.3 billion spent in 2022, according to previous statements by the financial giant.
Erdoes also said the company relies on a workforce of nearly 62,000 technologists actively engaged in securing its systems against cyberthreats.