JP Morgan Chase & Co. is the largest bank in the United States and the sixth-largest bank in the world in terms of total assets. Specializing in investment banking and wealth management, this company has long been associated with top-quality customer service and success. In 2014, this prestigious company became one of eight financial institutions targeted by Russian hackers in an attempt to gain the personal information required to wipe out clients’ entire bank accounts.
JP Morgan Chase & Co., along with several other financial institutions, came under cyber-attack during the summer of 2014. This attack compromised approximately 76 million household accounts and seven million small business accounts. The attack began in June, but persisted for nearly a month before it was discovered in July; attackers were able to gain access to account holders’ names, phone numbers, addresses, and email contact information by breaching the bank’s systems through company applications and programs.
At the time of the attack on JP Morgan Chase & Co., many individuals and businesses believed that while companies such as Target and Home Depot could be easily breached by thieves, banks and other financial institutions were relatively safe from cyber-attacks. Thus, the susceptibility of such a large back to cyber-attack illuminated this false belief and suggested to banks across the globe that a more aggressive defense against data theft was needed. As a result of the breach, JP Morgan Chase & Co. began the months-long process of changing and updating its computer systems and programs to prevent a future attack by addressing the company’s vulnerabilities.
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This article is part of our collection of WORLD FAMOUS SECURITY BREACHES!