Banking Sector Faces Heightened Cyber Threats, JPMorgan Executive Says

JPMorgan Chase is seeing a surge in attempts to hack into its systems as cybercrime turns into a top concern among banks, says Mary Callahan Erdoes, head of JPMorgan Chase’s Asset & Wealth Management. Hacking attempts have doubled compared with last year to about 45 billion a day, Erdoes says at a panel discussion at the World Economics Forum in Davos, Switzerland. “Fraudsters get smarter, savvier, quicker,” she says. JPMorgan invests $15 billion in technology every year, Erdoes says, adding that the bank employs more engineers than Google or Amazon.

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