JPMorgan Chase has said that there has been a significant surge in hacking attempts, reporting twice the number compared to 2022, News About Nigeria reports.
The largest bank in the United States said it faces an alarming rate of 45 billion hacking attempts daily.
Mary Callahan Erdoes, Chief Executive of JPMorgan’s Asset & Wealth Management, discussed this rise during a panel at the World Economic Forum in Davos, emphasising the increasing sophistication of cyber fraudsters.
Erdoes acknowledged the evolving tactics of hackers, stating, “The fraudsters get smarter, savvier, quicker, more devious, more mischievous.”
She said it is difficult to remain ahead of cyberthreats and linked this to everyone’s shared responsibilities, including individuals and organisations.
The experience of JPMorgan is consistent with broader industry trends, as cyberattacks have increased worldwide due to escalating geopolitical tensions, especially since Russia invaded Ukraine two years ago.
A 2023 KPMG survey revealed that over 70% of bank leaders expressed concerns about cybercrime and cybersecurity.
In order to beef up its cybersecurity defences, JPMorgan invests a substantial amount of its budget—$15 billion a year—into technology that guards against cyberattacks.
This is a big rise from the $14.3 billion spent in 2022.
Erdoes also mentioned that the bank hired 62,000 technologists to improve system security and prevent hacking attempts.
Russian cybercriminals attempted to take down JPMorgan’s websites in 2022. Despite this, the bank said that the attack did not affect its operations.
The incident involved the Killnet gang threatening a denial-of-service attack, a method where hackers flood targets with excessive data, following strikes against several US airport websites.
