JPMorgan Notes Rise in Hacker Attempts | #hacking | #cybersecurity | #infosec | #comptia | #pentest | #hacker

JPMorgan Chase’s banking systems are attacked by hackers 45 billion a day, double what it saw a year earlier.

The nation’s largest bank spends $15 billion a year on technology, given the risk of a data breach and the potentially devastating consequences of a successful cyber attack, Mary Callahan Erdoes, chief executive of the bank’s Asset & Wealth Management division, said on a panel Wednesday at the World Economic Forum in Davos, Switzerland.

“The fraudsters get smarter, savvier, quicker, more devious, more mischievous,” she said. “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.”

JPMorgan, which manages some $2.5 trillion in assets, employs 62,000 engineers, Erdoes said.

About 90% of bankers surveyed by American Banker in June said cybercrime was their biggest worry, even more so than legacy technology and talent shortage issues.

In July, the Securities and Exchange Commission adopted a new rule that requires companies to disclose cybersecurity incidents and provide annual updates on cybersecurity risk management, strategy, and governance. Data breaches increased 600% over the last decade, to 188 in 2021 from 28 in 2011, according to SEC data.

In 2022, JPMorgan said it spent about $14.3 billion on technology, a sign that it has been steadily increasing its investment in cyber protection.

The bank has also led the way in artificial intelligence, ranking first in every category for AI preparedness in Evident AI Index’s rankings of some of the largest banks across North America and Europe two years in a row. In a letter to shareholders last April, Dimon said AI will be “critical” to the company’s future success.

Erdoes acknowledged the opportunities of AI and the need for companies to embrace the new technology, while also noting its “dark side,” including the potential for bad actors to use the technology to influence elections.

(Clarification: This story was updated to clarify that JPMorgan has 62,000 engineers that work across various fields, not just in cybersecurity. The headline was also updated according to clarifications made by the company.)


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