Hackers gained access to JP Morgan’s computer servers sometime in June and remained entrenched in the company’s computers until mid-August. The hackers, who were believed to be Russian based with potential governmental links, made off with gigabytes of information. Hackers accessed the names, addresses, phone numbers, and emails of 76 million households and 7 million businesses, in the biggest breach of corporate cyber security ever. The reach of problem comes as a shock as initial reports from JP Morgan executives estimated only a million customers were targeted by the hacks. Bank executive have, however, ensured customers that no financial information was accessed and that the most sensitive customer information, such as social security numbers, birthdays, etc., were safe from the unauthorized access. The institution has also assured customers that they would not be liable for any unauthorized transaction.
The data breach at JPMorgan Chase is yet another example of how Americans’ most sensitive personal information is in danger,” said Senator Edward J. Markey of Massachusetts.
While JP Morgan reworks their security system to close up exposures, the rest of Wall Street is shaken by the breach. Despite hundreds of millions of dollars spent annually by large financial institutions, this breach implies a vulnerability that could be present in any of the major banks. The hack has initiated an FBI investigation and increased scrutiny from the JP Morgan’s regulators. As investigator search for details about this particular breach, banks and governmental agencies are looking for ways to better ensure financial cyber security.
Read More – Cyberattack Against JPMorgan Chase Affects 76 Million Households (New York Times, Jessica Silver-Greenberg, Matthew Goldstein, and Nicole Perlroth)