JPMorgan Suffers 45 Billion Cyber Attacks a Day

Speaking of cyber attacks, JPMorgan Chase is targeted by hackers trying to infiltrate its systems 45 billion times a day -- twice the rate at which it was attacked a year earlier -- the bank's head of asset and wealth management has said. FT: Speaking at Davos on Wednesday, Mary Erdoes said the bank spent $15bn on technology every year and employed 62,000 technologists, with many focused solely on combating the rise in cyber crime. "We have more engineers than Google or Amazon. Why? Because we have to," she said. "The fraudsters get smarter, savvier, quicker, more devious, more mischievous." Western lenders have suffered a surge in cyber attacks in the past two years, which has been partly blamed on Russian hackers acting in response to sanctions placed on the country and its banks following its full-scale invasion of Ukraine. But the use of artificial intelligence by cyber criminals has also increased the number of incidents and level of sophistication of attacks.

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