JPMorgan battles 45 billion daily hacking attempts with $15 billion defense arsenal amid rising cyber threats

The banking sector across the United States and Europe has witnessed a notable uptick in cyber attacks in recent years. Some attribute this surge to Russian actors, speculated to be retaliating against sanctions imposed in response to their invasion of Ukraine.

The ever-advancing landscape of artificial intelligence has also played a pivotal role in the sophistication and frequency of cyber attacks. Erdoes, speaking at Davos, highlighted the bank's staggering expenditure on technology and the substantial technologist workforce solely dedicated to combating the rising tide of cybercrime.

JPMorgan Chase's reported daily hacking attempts, initially stated as 45 billion, were later clarified by the bank. It explained, “Ms. Erdoes was referring to observed activity collected from our technology assets, malicious or not. This activity is then processed by our monitoring infrastructure.” Examples of such activity include user logins to employee virtual desktops and scanning activity, often automated and non-targeted.

Western financial institutions, particularly those in the banking sector, have borne the brunt of an unprecedented surge in cyber attacks over the past two years. Russian hackers, in response to sanctions levied against their country, have been implicated in several of these incidents. Simultaneously, the application of artificial intelligence by cybercriminals has contributed to a substantial rise in both the frequency and sophistication of attacks.

Sophos, a cybersecurity company, reported a 64 percent surge in ransomware attacks in the finance industry last year, nearly double the 2021 figures. JPMorgan Chase itself fell victim to one of the most significant cyber attacks on a bank a decade ago, resulting in the compromise of data from 83 million accounts, including 76 million households and 7 million businesses.