JPMorgan Chase is suffering a wave of cyber attacks as fraudsters get “smarter, savvier, quicker, more devious, more mischievous”, the bank’s head of asset and wealth management has said.
Speaking at Davos on Wednesday, Mary Erdoes said the bank spent $15bn on technology every year and employed 62,000 technologists, with many focused solely on combating the rise in cyber crime.
“We have more engineers than Google or Amazon. Why? Because we have to. The fraudsters get smarter, savvier, quicker, more devious, more mischievous,” Erdoes said. “It’s so hard and it’s going to become increasingly harder.”
Erdoes also said the bank suffered 45bn hacking attempts every day. However this figure was later corrected by JPMorgan, which said: “Ms Erdoes was referring to observed activity collected from our technology assets, malicious or not. This activity is then processed by our monitoring infrastructure.”
This post has been revised in light of comments from JPMorgan that corrected Erdoes’ original statement regarding the number of cyber attacks on the bank
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