JPMorgan Chase CEO Jamie Dimon said Oct. 10 that he expects Chase's annual computer security budget to double from $250 million to $500 million over the next five years in the wake of its massive data breach.
Malware known as "Mayhem" that targets Unix and Linux systems has been updated to exploit Shellshock flaws, security experts warn. But with few Unix-flavor systems running anti-virus software, how can it be stopped?
Citigroup, E*Trade, Regions Financial, Fidelity Investments, HSBC, Bank of the West and ADP are now believed to have been probed by the same hackers that targeted Chase, according to news reports. But so far, none of those firms believes data was compromised.
Nearly two weeks since news of Shellshock broke, attacks that are taking advantage of the Bash vulnerabilities are grabbing headlines. But Michael Smith of Akamai warns that the battle against hackers capitalizing on Shellshock could go on for years.
Yahoo confirms Shellshock-targeting attackers hacked into three of its servers, but claims they didn't exploit Bash flaws. Meanwhile, Lycos denies it's been breached and WinZip isn't responding directly to a report that it was hacked.
An important lesson to learn from the massive JPMorgan Chase breach is that banks can't just focus on protecting card data and online banking accounts; they also must protect their customers' personally identifiable information.
The hackers who breached JPMorgan Chase also infiltrated about nine other financial institutions, and may be operating from Russia, according to one news report. But security experts caution against jumping to conclusions over attackers' identities or motives.
If JPMorgan Chase, which was considered one of the most secure organizations in the world, can be breached, then virtually all other banks likely are at risk, too. Experts explain why early detection and information sharing are key to mitigating threats.
The development of authentication technologies that could replace the password is "nearing a tipping point," but there's still several years of work to do, says Jeremy Grant, who oversees the National Strategy for Trusted Identities in Cyberspace.
JPMorgan Chase has confirmed that 76 million households and 7 million small businesses were impacted by a breach that reportedly began in June and was not detected until late July. One fraud expert calls the breach "a national crisis."