JPMorgan and at least four other banks were hit in a coordinated attack against major financial institutions, Bloomberg reported.
According to US officials who spoke under condition of anonymity, the breach resulted in the theft of a large amount of customer data, which would indicate the possibility of financial fraud. The officials would not confirm, however, whether the stolen information included account numbers, passwords or credit card numbers.
Russian hackers are believed to be behind hacking JPMorgan and at least one of the other banks. The US Federal Bureau of Investigation (FBI) is investigating whether the attacks are in retaliation to US sanctions placed on Russia over the conflict in Ukraine. At this time, authorities have detected no fraudulent activity as a result of the hack, which lends credence to the theory that the attacks may have been politically motivated.
The hacks are believed to have begun in June. The criminals reportedly took advantage of a security flaw in JPMorgan’s website that software developers were unaware of. Two people familiar with the attacks told Bloomberg that the way the criminals navigated through complicated layers of security indicates that these were no ordinary hackers.
The hackers distributed malware that was designed to penetrate JPMorgan’s corporate network. Using “sophisticated tools,” the hackers began siphoning off gigabytes of information. It wasn’t until mid-August that JPMorgan discovered the breach.
JPMorgan refused to confirm or deny any attacks. Company spokesperson Patricia Wexler wrote in an email that companies of the bank’s size “unfortunately experience cyberattacks nearly every day.”
Forecasts for 2016-2020 place Africa as the second fastest growing region in the world (at a compound annual growth rate (CAGR) of 4.3%), just below Emerging Asia.
Data from Swift’s latest RMB tracker shows exceptional growth in RMB adoption in the United Arab Emirates (UAE), witnessing a 210.8% growth in payments value of the currency since August 2014, albeit from a low base.
SWIFT has announced that it has successfully completed the first phase of the global payments innovation (GPI) initiative pilot, clearing the way for the go-live of the service in early 2017.
A recent Gallup poll found that respondents identified the 'economy in general' as their biggest concern.