Security News > 2024 > January > JPMorgan exec claims bank repels 45 billion cyberattack attempts per day

The largest bank in the United States repels 45 billion - yes, with a B - cyberattack attempts per day, one of its leaders claimed at the World Economic Forum in Davos.

Mary Callahan Erdoes, JPMorgan Chase's CEO in charge of asset and wealth management, revealed the figure during a discussion of the future of banking at Davos yesterday, adding that the number is twice what the institution faced a year prior.

JPMorgan Chase, the largest US bank by market cap, claims to have 62,000 technologists working to protect corporate assets - a figure Erdoes claims tops the engineer count at Google or Amazon.

We imagine the bank's biggest worry, or one of them, isn't the volume of poking it's getting, it's that the wave after wave of connections may be masking more sophisticated and tangible attempts to break into its networks.

A report from the Bank of England further solidifies the perceived risk of cyberattacks in the banking world, with such incidents topping the list of what bank executives see as their top threats and greatest challenges.

Beyond lapses of judgement that allow fraud to proliferate, JPMorgan Chase has also made internal technical mistakes that have cost it millions - an admittedly small number for a firm that had a net income of $9.3 billion in the fourth quarter of last year.

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