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JPMorgan Chase’s Breach May Be A Bad Sign For Other Industries

JPMorgan Chase

(Photo : Reuters)


Even America’s largest bank, JPMorgan Chase, isn’t safe from cyber-attacks. Just recently, a breach in the bank’s secure computer system was discovered, leaving 80 million customers affected.

With more $2.32 trillion in assets, 80 million customers’ and clients’ data are now in doubt of being safe because of the recent digital security breach. Some security experts now warn that not even Wall Street can remain completely safe from cyber-attacks and that other various industries may even be more vulnerable.

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“Credit cards and retailers are obviously one huge target right now,” said Ben Johnson, Bit9+CarbonBlack cyber-security firm expert, “but banks have all sorts of financial and personal information”, he added.

According to JPMorgan Chase, the recent digital security breach was initially reported back in August, and has affected 76 million households and 7 million small-scale businesses. The results of the initial investigation indicates that the hackers did not take the customers’ and clients’ account details, including PINs or Social Security numbers. But, the hackers were able to successfully obtain the names of the customers, addresses, phone numbers, email addresses, and other internal bank information.

The JPMorgan Chase attack isn’t the only breach that happened over the past year. A cyber-attack on Target compromised up to 110 million customers’ data. Just last month, breaches on Home Depot U.S. and Canadian stores may have put the payment cards of 56 million customers at risk.

Back in July, the Securities Industry and Financial Markets Association, had organized a cyber-war council to battle cyber-attacks and breaches. They hired Keith Alexander, a former director of the National Security Agency, to aid in the efforts of cyber-security. But, with the recent failures may be a bad sign for the other industries.

The FBI released a statement to the press stating that they are “working with the United States Secret Service to determine the scope of recently reported cyber-attacks against several American financial institutions,” said Paul Bresson, spokesman of the FBI.

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