Sylvain Cortes, Hackuity: JP Morgan Chase are seeing 45bn hacking attempts every day!
January 2024 by Sylvain Cortes, VP Strategy at Hackuity
JPMorgan Chase has reported suffering a wave of cyber attacks, with around 45 billion hacking attempts every day, according to Mary Erdoes at the World Economic Forum in Davos.
Mary Erdoes, the bank’s head of asset and wealth management has said that the bank spent $15bn on tech every year, with 62,000 technologists employed to combat the rise in cyber crime.
JPMorgan was also the victim of one of the biggest cyber attacks ever on a bank in 2014 when the data on 83m accounts, 76m households and 7m businesses, were compromised.
Sylvain Cortes, VP Strategy at Hackuity comments:
“45 billion is a big number. Even for JPMorgan. It’s also unsurprising – the financial sector will always be one of the most heavily targeted due to the critical, sensitive data (and money) they hold. When you’re experiencing as many as 45 billion attacks daily, not even 62,000 technologists can keep pace. For perspective, that’s nearly a million attacks per defender.
Teams must be able to identify and prioritise the most critically exploitable vulnerabilities to ensure attacks are snuffed before they start. Any institution in the financial sector and beyond should have strong risk-based vulnerability management platforms in place to automate and strengthen their Vulnerability Operations Centers (VOCs)."