JPMorgan Chase warns it is now seeing DOUBLE hacking attempts every day compared to last year!

JPMorgan Chase has reported seeing double the amount of hacking attempts this year compared to 2022.

The U.S. finance firm saw an alarming 45 billion hackers trying to infiltrate its system every single day.  

JPMorgan is the largest bank in the United States and the fifth largest bank in the world – with $3.9 trillion in total assets. 

Mary Callahan Erdoes, Chief Executive of JPMorgan’s Asset & Wealth Management line discussed the increasing numbers of hacking attempts during a panel at the World Economic Forum in Davos.

‘The fraudsters get smarter, savvier, quicker, more devious, more mischievous,’ Erdoes said. 

‘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 everyone of us.’

JPMorgan isn’t the only bank dealing with a surge in cyberattacks.

Since Russia invaded Ukraine two years ago – rising global geopolitical tensions have caused cyber crime to skyrocket. 

Over 70 per cent of bank leaders in a 2023 KPMG survey reported being concerned about cyber crime and cyber insecurity. 

JPMorgan spends $15 billion each year just on technology to prevent cyber attacks as part of an effort to bolster its cyber defenses. 

This budget is up substantially from the $14.3 billion that the company spent on technology in 2022. 

Edroes also reported that JPMorgan Chase had employed 62,000 technologists to help secure systems and prevent hacking. 

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