Tag Archives: Avivah Litan

JPMorgan Chase Hit by Data Breach

JPMorgan Chase which is an American multinational banking and financial services company has officially announced that they have suffered a data breach which has compromised data belonging to 76 million households and 7 million small businesses.

It is believed that the attorneys general of Connecticut and Illinois have started an investigation into the data breach.

JPMorgan Chase notified the US Securities and Exchange Commission (SEC) on Thursday which declared that customer information such as names, addresses, phone numbers and emails addresses have been compromised.

On a slightly more positive note for the affected customers, JPMorgan Chase haven’t found any evidence that information such as customer account numbers, passwords, date of births or social security numbers have been compromised.

JPMorgan first became aware of a possible data breach in August and stated that they were working with US law enforcement authorities. It has also been revealed that the cyber-thieves had spent a month accessing the confidential data before the security breach was found.

Illinois attorney general Lisa Madigan believes that this is one of the most troubling data breaches to have ever occurred and that this breach proves that no data is ever safe from cybercriminals.

Madigan stated, “This is among the most troubling breaches ever — and not just because of its magnitude, but because it proves that there is probably no database that cyber criminals cannot compromise.”

Madigan added, “Chase is trying to diminish the extent of the breach, but what’s clear is that people can no longer assume their information is safe. Americans must assume that cyber criminals are working 24/7 to steal their personal information.”

Avivah Litan who is a security analyst for Gartner also believes that no data is now safe from cyber-thieves and that you cannot afford to take your foot of the pedal when it comes to data security.

Litan stated, “This is really a slap in the face of the American financial services system. Honestly, this is a crisis point.”

Litan added, “You have to be paranoid now. You can’t slack off. There is no such thing as data confidentiality anymore. Everything is out there.”

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