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Is JPMorgan Chase & Co. (NYSE:JPM) A Victim Of Cyber Attack?

Boston, MA 08/29/2014 (wallstreetpr) – Diversified financial services provider JPMorgan Chase & Co. (NYSE:JPM) has been cooperating with the investigating officials of the Government of a potential cyber attack though the company is not witnessing any abnormal activities.

Investigation On Banks

The law enforcement officials from the FBI were enquiring with the JPMorgan, AP reported quoting a person, who was familiar with the events. Though the bank has not witnessed any abysmal activity, JPMorgan Chase & Co. (NYSE:JPM)’s Chief Executive Officer, Jamie Dimon, remark during the annual report assumed significance. He had voiced his concern over the cyber threats despite spending big amount on cyber security. He had also stated that it would be spending approximately $250 million a year on cyber security and that 1K people were employed specifically for the purpose.

However, JPMorgan Chase & Co. (NYSE:JPM) had advised its customers to notify if anything suspicious or abysmal of activities witnessed in their accounts. Report indicated that customers of JPMorgan were protected against any losses from the fraud. The bank has also refrained from commenting on the recent investigations.

FBI Statement

On Wednesday, the FBI said that it was closely working with the Secret Service to establish the extent of the latest cyberattacks against several financial institutions of the U.S. However, the agency had not disclosed any name of the banks or companies that have been the target of the hackers.

Other Banks

Most of the banks have reportedly said that they have not been affected by any cyber attacks. For instance, Bank of America Corp (NYSE:BAC) stated that it had not witnessed any abnormal activity while Citigroup Inc (NYSE:C) disclosed that there was nothing to suggest that it had been affected by cyber attack. Wells Fargo & Co (NYSE:WFC) too echoed a similar sentiment.

However, it is a fact that most of the banks are spending big money on cyber security. Gartner’s cyber security expert Avivah Litan had reportedly viewed that the banks face a number of attempted attacks every day. However, these largely remain unnoticed or not reported. The hackers continue to probe the networks of the banks and try to get in, the expert said.

Published by Steve Hackney

Steve Hackney is a corporate finance professional with over 14 years of experience in cash management and investing. He earned a Bachelor of Science in Finance from Florida State University and holds a Certified Treasury Professional certification. Steve lives in Orlando, Florida with his family.

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