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19 N.C. Banking Inst. 345 (2015)
Cybersecurity: Recognizing the Risk and Protecting against Attacks

handle is hein.journals/ncbj19 and id is 363 raw text is: Cybersecurity: Recognizing the Risk and Protecting Against Attacks I. INTRODUCTION In April 2014, JPMorgan Chase (JPMorgan) CEO Jamie Dimon warned that even though in 2014 alone the company would spend $250 million and assign 1,000 people to addressing cybersecurity issues, the protections still may not be enough to protect the company from cyberattack.' Dimon's fears came to fruition just months later when JPMorgan and at least twelve other financial institutions2 became victims of a series of coordinated hacking attacks.3 In the cyberattack on JPMorgan, hackers accessed the bank's network through a JPMorgan employee's personal computer.4 From there, hackers infiltrated the bank's computer systems and gained access to over ninety of the bank's servers.5 From June to August of 2014, the attack went undetected, and hackers accessed JPMorgan's network through a security flaw on one of the bank's websites.6 Similar to other 1. Doug Carroll, Banks Admit Growing Cyberattack Risks, USA TODAY (Aug. 28, 2014, 4:06 PM), http://www.usatoday.com/story/money/business/2014/08/28/banks- growing-cyber-security-risks/14741653/. 2. Andy Peters, Morning Scan: Cyberattacks Spread; Geithner and 'Loan Sharky', AM. BANKER (Oct. 10, 2014, 9:00 AM), http://www.americanbanker.com/bankthink/morning-scan-cyberattacks-spread-geithner- and-loan-sharky-1070431-1.html (Others in the hackers' crosshairs may have included mutual fund giant Fidelity Investments, online brokerage E*Trade Financial, payroll giant Automatic Data Processing and banks Citigroup, Regions Financial and HSBC.). 3. Nicole Perlroth, JPMorgan and Other Banks Struck by Hackers, N.Y. TIMES (Aug. 27, 2014), http://www.nytimes.com/2014/08/28/technology/hackers-target-banks-including- jpmorgan.html?_r-0. 4. Emily Glazer & Danny Yadron, JP. Morgan Says About 76 Million Households Affected by Cyber Breach, WALL ST. J. (Oct. 2, 2014, 9:32 PM), http://www.wsj.com/articles/j-p-morgan-says-about-76-million-households-affected-by- cyber-breach-1412283372. 5. Jessica Silver-Greenberg et al., JPMorgan Chase Hacking Affects 76 Million Households, N.Y. TIMES DEALBOOK (Oct. 2, 2014, 12:50 PM), http://dealbook.nytimes.com/2014/10/02/jpmorgan-discovers-further-cyber-security-issues/. 6. Jordan Robertson & Michael Riley, JPMorgan Hack Said to Span Months via Multiple Flaws, BLOOMBERG (Aug. 29, 2014, 8:54 AM), http://www.bloomberg.com/news/2014-08-29/jpmorgan-hack-said-to-span-months-via- multiple-flaws.html.

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