The challenge that Banks and retailers face in today's world has been highlighted once again. Details of perhaps the biggest attack of 2014 have come to light with JP Morgan, the US's largest bank, subject to cyber attacks throughout the months of June and July. In August, the attack was disclosed by the bank with an estimate that one million accounts had become compromised. However, further details emerged this week when the company filed its report into the hacks with the Securities and Exchange Commission (SEC).
"The digital revolution greatly improves efficiency, but brings its own set of hugely complex challenges"
The details of more than 76 million accounts were accessed. JP Morgan insist that the financial information of their customers remained safe and untouched. One certainly hopes for JP Morgan's customers that this is indeed the case. The bank confirmed however, that personal contact information, such as address and phone numbers were compromised, making this one of the largest hacks of this kind ever recorded.
There was better news with the bank also confirming there was no breach of login information, and that customer account numbers and passwords were not compromised. Nevertheless, Ensygnia believes in a login solution that eliminates the need for usernames and passwords and if they don't exist, they can't be stolen and a database securing them can't be hacked.
The unfortunate reality is that as more and more of our lives move to a digital platform, they are increasingly going to be subject to cyber attacks. The digital revolution greatly improves efficiency, but brings its own set of hugely complex challenges.
Security is at the top of this list, and companies must stay constantly vigilant to battle against those who attempt to compromise their systems. It's too soon to say how culpable JP Morgan are in this latest attack - espically as the SEC are yet to report on the case. But with some $250m a year spent each year on cyber security, nobody can accuse JP Morgan of not taking the issue seriously.
It's going to be an on-going battle against cyber crime for companies operating in the digital space. For banks in particular, they need to stay on top of the issue to ensure consumer trust and confidence, which are absolutely vital for their success.
By Matthew Taylor 3rd October 2014
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