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JP Morgan

83m JP Morgan accounts compromised in world’s largest data breach

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By John Glenday, Reporter

October 3, 2014 | 2 min read

JP Morgan Chase has admitted it has been the victim of the world’s largest ever data breach after 76m household accounts and 7m small business accounts were compromised by unknown hackers.

The security failure saw millions of personal records for customers; including phone numbers, lost although the US bank is adamant that no financial information, social security numbers or passwords were obtained.

So brazen were the hackers that they rifled through the banks data for a month before staff cottoned on to what was happening.

To date JP Morgan has not been made aware of any unauthorised transactions taking place in consequence of the failure but is continuing to monitor for fraudulent activity.

Commenting on the breach Dr. Mike Lloyd, CTO of RedSeal Networks: “The apparent stealthiness of the breach at JPMC is notable – theft of information, without any known theft of money. It’s a reminder that criminals value information highly - much the same way that military commanders value battlefield intelligence.”

Steve Hultquist, chief evangelist at RedSeal Networks added: “The fact that JPMorgan Chase could be breached should send a shiver of fear through every organization on the planet. They are well aware of both the defenses necessary and the importance of protecting against concerted, automated attacks. However, this breach demonstrates that even the best reactive technology and processes aren't enough.”

JP Morgan chief executive Jamie Dimon has pledged to spend $250m per year on cyber security, employing 1,000 coders to oversee its systems – but conceded that ‘not every battle will be won’.

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