JPMorgan Chase now fights off about 45 billion attempts a day by hackers to infiltrate its systems. That’s double what it was last year, highlighting the escalating cybersecurity challenges the bank and other Wall Street titans are facing.
JPMorgan Chase, the largest US bank by assets, now invests $15 billion a year and employs 62,000 technologists to fortify its defense against cyber crimes, said Mary Callahan Erdoes, head of JPMorgan Chase’s asset and wealth management division, at the World Economic Forum in Davos, Switzerland, on Wednesday.
“We have more engineers than Google or Amazon. Why? Because we have to,” she said during a panel session. “The fraudsters get smarter, savvier, quicker, more devious and more mischievous.”