Russian Hack Attack on Banks: Is This the Big One?

By August 28, 2014 November 27th, 2017 News

by Kathy Burger

JPMorgan Chase and at least four other US banks have been hit by a series of coordinated attacks on account information. Was it inevitable?

It’s likely that the mainstream news media talking heads were the only people who were shocked by the news that at least five US banks — includingJPMorgan Chase, the only institution identified so far — have been cyberattacked in the past month, apparently by Russian hackers. Financial services industry professionals and industry observers are well aware that banks are ongoing targets for fraud and cybercrime. As JPMorgan Chase spokesperson Patricia Wexler told The New York Times: “Companies of our size unfortunately experience cyberattacks nearly every day. We have multiple layers of defense to counteract any threats and constantly monitor fraud levels.”

Right now, it’s not clear (well, at least the public statements say it’s not clear) whether the motive behind the attacks is theft, disruption, or both, and the FBI reportedly is investigating these options. There’s speculation that the Russian government could be sponsoring the attacks in retaliation for US sanctions imposed in response to the crisis in the Ukraine. According to a report from Bloomberg, which broke the news of the attacks:

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