This summer’s JPMorgan Chase breach has some people thinking about possibly relocating assets to their mattresses.
In a regulatory filing yesterday, JPMorgan Chase disclosed the extent of the breach of more than 90 of its servers that was first discovered in July. The initial estimate of a little over a million customers affected has grown to 76 million households and seven million small businesses. According to the New York Times, hackers gained the highest level of administrative access to servers and “road map”of software being run on bank systems, which gives them the ability to analyze and exploit vulnerabilities.
JPMorgan Chase is the biggest bank in the US, so this breach is one of the largest on record, on par with breaches at Target (over 110 million affected) and Home Depot (56 million). Looking for the silver lining, officials said that “there is no evidence that account information, including passwords or social security numbers had been taken,”and that “there was no evidence of fraud involving the use of customer information.”
However, 83 million customers will have to stay tuned because the breach went undetected for at least a month, and it is unlikely that hackers broke into one of the world’s largest banking institutions for altruistic purposes.
In a statement, JPMorgan Chairman and CEO said the war against cyber criminals is “continual and never-ending.”
Not only will JPMorgan have to re-tool and patch its systems both internally and with affiliates, the bank will be mitigating customer trust erosion and an exodus of security personnel. According to the New York Times, JPMorgan intends to spend $250 million a year on digital security, and is struggling to retain its security staff.
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