JPMorgan Chase and at least four other unidentified banks had gigabytes of customer data stolen in a cyberattack that is being investigated by the FBI, as first reported by Bloomberg. The attack took place this month and originated in Russia, with one of Bloomberg's anonymous sources saying it may have been government-backed retaliation for the sanctions imposed on Russia for its actions in eastern Ukraine. Although checking and savings account information was stolen, JPMorgan sources said they have not recorded an increased incidence of fraud, adding that the bank has beefed up its security measures.
The latest in a string of online data thefts this summer was a zero-day attack, meaning that the hackers exploited a vulnerability that had not yet been detected and fixed by developers. Such attacks are becoming increasingly common, and they lead to uncertainty because even when the strike is discovered it is not immediately apparent exactly what data, or how much of it, has been affected. So far in this investigation, information is being made public only sparingly, so it could be some time before we know the extent of the damage.
The proliferation of virtual attacks is a trend that is not likely to be reversed any time soon, especially as national governments have begun to get involved in both launching and defending against them. It is paramount for any business to ensure the safety of its and its customers' sensitive information, particularly if some of their financial details can be indirectly obtained via an attack on a bank.
Small and midsize businesses can engage the services of an IT security company that specializes in furnishing SMBs with methods to avoid data theft. A specialized security provider can ensure that safety methods are tailored to the specifications and potential threats faced by its clients.
