JPMorgan Chase & Co. (NYSE:JPM) is facing criticism for failing to adequately secure its systems, a move that resulted in its servers being hacked in one of the biggest intrusion of the U.S financial industry. New revelations according to Fox Business, Jo Ling Kent, reveals the entire hacking episode could have been avoided by a simple security fix that is a common practice in the financial sector.
“A major security breach at JPMorgan Chase & Co. (NYSE:JPM) could have been avoided by a basic security update. New York Times reports that the ongoing investigation has found the banks security team neglected to update one of its network servers with a duo password System. That requires a second one-time password to access a protected network,” said Mrs. Kent.
JPMorgan Chase & Co. (NYSE:JPM) was the subject of uproar in October after an attack on its servers resulted in the names, addresses, phone numbers and email addresses of some 83 million accounts being exposed. Initially, fingers had been pointed to a hacking ring thought to be under the control of the Russian government in the wake of increased tension with the U.S. The revelation comes just days after Sony was hacked as cyber-attacks gain momentum
JPMorgan Chase & Co. (NYSE:JPM) is reportedly carrying out an internal review of its entire system as it seeks to identify if the system is tightly protected from any future attacks. The bank still maintains that the attack did not in any way affect the accounts of its clients or resulted in the loss of any money. What is clear at the moment is that the attack did not involve the use of any sophisticated software bug that can result in the sale of millions of dollars in stolen data.
The hackers are believed to have gained high-level access to more than 90 bank servers but were caught before retrieving any financial information. The National Security Agency is believed to have helped in the investigations considering JPMorgan Chase & Co. (NYSE:JPM) forms an integral part of the country’s financial structure.
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