Financial institution don't often reveal cyber attacks within their company for fears that their customers will be stricken with panic but on a surprising move, a massive firm admitted they had a crack in their security. A possible JP Morgan Chase hacking attacked has shocked the country on Thursday, leaving many people who employ their services at the edge of their seats. JP Morgan was just one of five other financial institutions that were victimized of a series of 'coordinated' cyber attacks.
The New York Times reported that hackers forced their way into the database of the involved banks to siphon data including account information. It is unclear, however, if the digital intruders who conducted the JP Morgan Chase Hacking are working on their own or if they are part of an espionage campaign.
"The ability to overcome the typical financial defense-in-depth strategy outlined by JPMorgan points to capabilities that go beyond criminal activity and are in the realm of nation state capabilities," security expert Phil Lieberman, CEO of Lieberman Software told media.
"Companies of our size unfortunately experience cyber attacks nearly every day," said Trish Wexler, a JPMorgan spokeswoman. "We have multiple layers of defense to counteract any threats and constantly monitor fraud levels."
If the possibility of losing their financial savings is not enough, the authorities have revealed another shocking detail in this JP Morgan Chase hacking that will make people cringe. Roy Hadley Jr., a partner and cyber security expert at the law firm Thompson Hine, said that these attacks are possibly originating from Russia, the country's mortal economy, politically and economically.
"The authorities here believe that Russia is a hotbed [of hacking] and they trace back some very sophisticated attacks to Russia."
The Huffington Post reported that JP Morgan Chase will "reach out to any affected customers and encouraged them to contact the bank if they detect suspicious activity on their accounts. Customer won't be held liable for fraud related to the attack."
