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JPMorgan Chase fights off 45 billion hacking attempts each day
JPMorgan Chase now fights off about 45 billion attempts by hackers to infiltrate its systems each day. That’s double what it was last year, highlighting the escalating cybersecurity challenges the bank and other Wall Street titans are facing.
JPMorgan Chase, the largest US bank by assets, now invests $15 billion a year and employs 62,000 technologiststo fortify its defense against cyber crimes, said Mary Callahan Erdoes, head of JPMorgan Chase’s asset and wealth management division, at the World Economic Forum in Davos, Switzerland, on Wednesday. Speaking on the same panel, Gita Gopinath, deputy managing director of the International Monetary Fund, said that the use of AI by hackers is concerning to regulators. A recent Bank of England survey found that financial institutions think such attacks are the number one systematic risk to the sector.
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