January 18, 2024 at 02:09PM
JPMorgan Chase’s CEO revealed at Davos that the bank fends off 45 billion cyberattack attempts daily, doubling from the previous year. With 62,000 technologists, JPMC claims to outpace Google and Amazon. The financial giant faces perceived risks, revealed by the Bank of England, and a $272m fraud lawsuit, amid ongoing challenges with cyber fraud and technical mishaps.
Key takeaways from the meeting notes:
1. JPMorgan Chase repels an average of 45 billion cyberattack attempts per day, demonstrating the intensity of cyber threats faced by the financial institution.
2. The volume of attacks is primarily comprised of port scans and automated checks, masking the more sophisticated and tangible intrusion attempts.
3. The bank’s status and substantial assets make it a prime target for cyber criminals, as evidenced by a $272 million fraud incident involving a subsidiary of eyewear company EssilorLuxottica.
4. CEO Mary Callahan Erdoes emphasized the escalating sophistication of fraudsters, who are employing tactics such as email takeovers to carry out their schemes.
5. Despite significant investments in technology and personnel, JPMorgan Chase has experienced internal technical mistakes, including the accidental deletion of millions of emails, resulting in a $4 million fine from the SEC.
Overall, the meeting highlighted the ongoing challenges and evolving nature of cyber threats faced by JPMorgan Chase, as well as the importance of vigilance and proactive measures to combat increasingly sophisticated cybercriminal activity.