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JPMorgan Chase confirms possible cyber attack

Thursday, August 28, 2014 - 01:20

Attackers stole checking and savings account information and lots of other data from JPMorgan Chase, according to the New York Times. Other banks are believed to be victims as well. Fred Katayama reports.

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Cyber attackers reportedly struck JPMorgan Chase and several other U.S. banks, and now, the FBI says it's investigating. The New York Times says the attackers stole checking and savings account information and lots of other data. JPMorgan would only say that companies of its size get attacked nearly every day. Bloomberg News reports that Russian hackers were believed to have carried out the attacks. If true, it would represent the latest in a series of cyber attacks aimed at U.S. corporations. Hackers stole payment card data from Target at the height of the holiday shopping season last year. Earlier this year, retailers Neiman Marcus and Michaels Stores said they had been attacked. JPMorgan Chase stock shedding some ground in early trading Raymond James senior research associate Daniel Marchon says the cyber attacks could hit the banks' bottom line in two to three years. He says this could mean bank's hefty outside expenses on things like regulatory compliance won't come down but would rather be extended. He said, "The frequency, intensity, and success rate ticked up from hackers. So there's likely to be a more concerted effort by banks to shore up their defenses." And that, he says, may mean reallocating money for streamlining ATMs and apps over to cyber security.

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JPMorgan Chase confirms possible cyber attack

Thursday, August 28, 2014 - 01:20