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JPMorgan Faces 45 Billion Hacking Attempts Per Day As Jamie Dimon Calls Cyber Attacks 'Biggest Threat To The US Financial System'
When JPMorgan Asset & Wealth Management CEO Mary Erdoes took the stage at Davos, she mentioned JPMorgan Chase & Co. (NYSE:JPM) spends $15 billion on technology per year and employs 62,000 technologists, with many focused solely on cybersecurity. Don't expect these numbers to drop anytime soon. “There are people trying to hack into JPMorgan Chase 45 billion times a day,” Erdoes said. Even worse is that it’s already double what it was last year — and the attacks are only getting more sophisticated
The goal of this is that regardless of economic conditions, JPMorgan is managed so that when others in the industry are forced to pull back, it can continue serving its customers. Experts have pointed to two factors — the rise of attacks from Russia since the start of the war in Ukraine and the use of artificial intelligence to help bad actors write more sophisticated malware. Bigger companies may face the highest absolute preventative costs to stop and insure cyber attacks, but if they're able to withstand what might be the biggest threat to the U.S. financial system, it's a small price to pay.
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