JPMorgan Chase has experienced a significant surge in hacking attempts on its systems over the past year, according to Mary Callahan Erdoes, the chief executive of the bank's asset and wealth management division. Speaking at the World Economic Forum in Davos, Erdoes highlighted the escalating threat posed by increasingly sophisticated and rapid cyberattacks.
Erdoes emphasized the evolving tactics of fraudsters, describing them as becoming "smarter, savvier, quicker, more devious, more mischievous." She acknowledged the formidable challenge of countering these threats, stating, "It’s so hard, and it’s going to become increasingly harder, and that’s why staying one step ahead of it is really the job of each and every one of us."
To protect against cyber threats, JPMorgan allocates approximately $15 billion annually to technology investments and maintains a workforce of over 60,000 technologists, many of whom are dedicated to fortifying the bank's defenses against hackers. Erdoes highlighted the significance of this effort in the context of the current environment, where advancements in artificial intelligence pose new challenges to securing financial systems.
Erdoes revealed a staggering statistic, stating, "There are people trying to hack into JPMorgan Chase 45 billion times a day... the worst part about that number is it's 2x what it was last year." She emphasized the continuous investment made by the bank in protecting its assets and highlighted the substantial technologist workforce employed for this purpose.
Later, JPMorgan clarified Erdoes' comments, stating that she was referring to observed activity collected from the bank's technology assets, whether malicious or not. Examples of such activity include user logins, employee virtual desktops, and scanning activity, which are often highly automated and not specifically targeted.
In essence, Erdoes' remarks shed light on the escalating challenges and the proactive measures taken by JPMorgan Chase to safeguard its systems against the growing threat of cyberattacks in an era of advancing technology and increased vulnerabilities.