• News
  • SAN DIEGO
  • Finance

JPMorgan Boosts Defenses Against Hackers After Attack on Systems

Aug. 28 (Bloomberg) -- JPMorgan Chase & Co., the biggest U.S. bank, said it increased defenses against computer hackers after an attack against the industry this month.

The lender is taking additional steps to safeguard sensitive and confidential information, Patricia Wexler, a spokeswoman for the New York-based bank, said today in an e- mail, declining to give specific examples. JPMorgan will contact any customers that might have been affected, Wexler said, adding that the firm hasn’t seen unusual fraud levels.

JPMorgan was among at least five banks targeted in the coordinated attack on financial institutions in recent weeks, a U.S. official said yesterday. The assault led to the theft of customer data that could be used to drain accounts, according to another person briefed by U.S. law enforcement. Both asked not to be identified because U.S. probes 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, said several people familiar with the case. The scale indicates a potential for significant financial fraud.

Past thefts of financial information have mainly involved retailers or consumers’ personal computers. Stealing data from big banks is rare, because they have elaborate firewalls and security systems.

Leave Your Comment

Comments are moderated by SDDT, in accordance with the SDDT Comment Policy, and may not appear on this commentary until they have been reviewed and deemed appropriate for posting. Also, due to the volume of comments we receive, not all comments will be posted.

SDDT Comment Policy: SDDT encourages you to add a comment to this discussion. You may not post any unlawful, threatening, defamatory, obscene, pornographic or other material that would violate the law. All comments should be relevant to the topic and remain respectful of other authors and commenters. You are solely responsible for your own comments, the consequences of posting those comments, and the consequences of any reliance by you on the comments of others. By submitting your comment, you hereby give SDDT the right, but not the obligation, to post, air, edit, exhibit, telecast, cablecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comment(s) and accompanying personal identifying and other information you provide via all forms of media now known or hereafter devised, worldwide, in perpetuity. SDDT Privacy Statement.

User Response
0 UserComments

Leave Your Comment

Comments are moderated by SDDT, in accordance with the SDDT Comment Policy, and may not appear on this commentary until they have been reviewed and deemed appropriate for posting. Also, due to the volume of comments we receive, not all comments will be posted.

SDDT Comment Policy: SDDT encourages you to add a comment to this discussion. You may not post any unlawful, threatening, defamatory, obscene, pornographic or other material that would violate the law. All comments should be relevant to the topic and remain respectful of other authors and commenters. You are solely responsible for your own comments, the consequences of posting those comments, and the consequences of any reliance by you on the comments of others. By submitting your comment, you hereby give SDDT the right, but not the obligation, to post, air, edit, exhibit, telecast, cablecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comment(s) and accompanying personal identifying and other information you provide via all forms of media now known or hereafter devised, worldwide, in perpetuity. SDDT Privacy Statement.