JPMORGAN Chase & Co is now seeing hackers attempt to infiltrate its systems 45 billion times a day as the Wall Street giant and its rivals continue to deal with a surge in global cybercrime.  

That was double the number of daily hacking attempts JPMorgan was experiencing last year, Mary Callahan Erdoes, who leads JPMorgan’s asset and wealth Management division, said in a panel at the World Economic Forum in Davos. 

“The fraudsters get smarter, savvier, quicker, more devious, more mischievous,” Erdoes said. “It’s so hard and it’s going to become increasingly harder, and that’s why staying one step ahead of it is really the job of each and everyone of us.”

With geopolitical tensions rising globally in the aftermath of Russia’s invasion of Ukraine almost two years ago, banks have been dealing with a surge in cyber incidents. More than 70 per cent of bank leaders in a 2023 survey by KPMG said cyber crime and cyber insecurity was a pressing concern for their organisation. 

JPMorgan now spends about US$15 billion on technology every year as part of its attempts to bolster its cyber defences, Erdoes said. That figure has been on the rise in recent years: JPMorgan previously said it spent about US$14.3 billion on technology in 2022.

Erdoes also said the company has nearly 62,000 technologists who are also helping to secure its systems. BLOOMBERG

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