Jamie Dimon

JPMorgan Chase attacked by the hackers

October 2nd, 2014

An overwhelming attack on JPMorgan Chase by the hackers has compromised the accounts of 76 million households and seven million small businesses. It’s one of the largest ever intrusion which has overcame the previous estimates of the bank.

Earlier Target, home depot and a number of other retailers has suffered major data breaches.  The recent incident is blow to already shaken confidence in the digital operations. Below are the details of last year breaches for above mentioned companies –

Target: 40 million cardholders and 70 million others were compromised

Home depot: 56 million cards

Breaches in largest banks like JPMorgan can lead to exposure of more sensitive data.

“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 researcher who works as chief scientist at White Ops, a security company.

Bank believes that no money has moved out of the accounts and till today customers are safe. According to the reports, the hackers gained access to the names, addresses, phone numbers and emails of JPMorgan account holders. It is believed that account information, including passwords or social security numbers are safe.

Jamie Dimon, JPMorgan’s chairman and chief executive, has recognized the growing digital threat. In his annual letter to shareholders, Mr Dimon said, “We’re making good progress on these and other efforts, but cyberattacks are growing every day in strength and velocity across the globe.”

Due to rising threat of online crime, JPMorgan has said it plans to spend $250 million on digital security annually.

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