JPMorgan Faces 45 Billion Hacking Attempts Per Day As Jamie Dimon Calls Cyber Attacks 'Biggest Threat To The US Financial System'
Portfolio Pulse from Caleb Naysmith
JPMorgan Chase & Co. (NYSE:JPM) faces 45 billion hacking attempts daily, a figure that has doubled since last year. CEO Mary Erdoes highlighted the bank's $15 billion annual technology spend and workforce of 62,000 technologists, emphasizing cybersecurity. CEO Jamie Dimon considers cyber attacks the biggest threat to the U.S. financial system, leading JPMorgan to employ more engineers than tech giants like Google or Amazon. Despite a correction stating the 45 billion figure includes all observed activity, the threat is taken seriously, especially after a massive data breach in 2014. Cyber insurance costs have also risen sharply, with rates increasing significantly in 2021 and 2022.
January 24, 2024 | 2:39 pm
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JPMorgan Chase & Co. is investing heavily in cybersecurity to combat the increasing threat of cyber attacks, which could reassure investors about the company's resilience and commitment to protecting its assets.
The news highlights JPMorgan's significant investment in technology and cybersecurity, which is likely to instill confidence in investors about the company's ability to protect itself from cyber threats. This proactive approach and comparison to tech giants may be viewed positively in the short term, potentially leading to an uptick in stock price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100