JPMorgan boosts defenses against mounting cyberattacks
JPMorgan Chase & Co., the nation's biggest bank, said it increased defenses against computer hackers because of an attack against the industry this month.
The lender is working with federal authorities to determine the scope of the assault and is taking additional steps to safeguard confidential information, Patricia Wexler, a spokeswoman for the New York-based bank, said on Thursday in an email. She declined to give specific examples.
JPMorgan will contact any customers who might have been affected, Wexler said, adding that the firm hasn't witnessed unusual fraud levels.
JPMorgan was among at least five banks targeted in the coordinated attack on financial institutions in recent weeks, a government official said on Wednesday. The assault led to the theft of customer data that could be used to drain accounts, according to a person briefed by federal law enforcement officials. Both asked not to be identified because investigations are continuing.
Chief Executive Officer Jamie Dimon, 58, has warned shareholders in annual letters that hackers' efforts to breach the bank's computers were growing more frequent, sophisticated and dangerous. The firm expected to boost yearly spending on cybersecurity to about $250 million by the end of 2014, with 1,000 workers dedicated to the effort, he wrote in April.
“We're making good progress on these and other efforts, but cyberattacks are growing every day in strength and velocity across the globe,” Dimon said in that letter. “It is going to be a continual and likely never-ending battle to stay ahead of it — and, unfortunately, not every battle will be won.”
During attacks this month, hackers targeted banks' customer and employee information, said a third person involved in the investigation, who was also briefed by the government. The theft involved gigabytes of data, several people familiar with the case said. The scale indicates a potential for significant financial fraud.
JPMorgan customers won't be held liable for fraud related to the attacks and should reach out to the bank if they see suspicious activity, Wexler said.
Past thefts of financial information have mainly involved retailers or consumers' personal computers. Stealing data from big banks is less common because they have elaborate firewalls and security systems.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- High pollution levels found near Ohio gas wells
- Natrona Bottling Co. keeps soda pop operation focused on craft, taste
- Chevron puts $20M into educating, training Appalachian workers
- Allegheny Technologies reports $700,000 loss in 3Q
- PPG Industries to buy Westmoreland Supply paint store chain
- Plastics, tech sectors crucial to cracker plants
- EDMC loses $664M; executives receive six-figure bonuses
- Fannie Mae might take 3% down
- Streaming won’t mean the end of cable
- Large-scale batteries are integral in shift to renewable energy
- Stocks on upswing