By Pilar Martinez,
Money and Investing Writer
JPMorgan & Chase Co. (NYSE: JPM) is undergoing construction and recovery.
The company was hit by hackers. According to the economic times, this occasion has been deemed the most rigorous theft of customer data from US financial institution in history.
The alleged hackers managed to manipulate the system to change stocks and create a casino gambling.
This inaccurately generated online hundreds of millions of dollars and tricked the system.
The Economic Times states, “The new allegations against the four, all previously charged, broaden dramatically the scope of a wide-ranging criminal enterprise with hacking at its core. In two indictments, prosecutors say the defendants targeted financial institutions, publishers, online stock brokers and software firms”.
According to news factor, hackers used the private information of customers after raining stock prices to target specific investors who would conveniently invest at that higher price.
JPMorgan represents highly its shareholders. It is important for the firm to stay stable and secure.
With this incident, it tests the confidence that potential investors will have in the future.
The hackers used their cyber talents to collect one-hundred million customer information world-wide. The economic times accusations are as follows, “They worked with crooked stock promoters to pump up share prices, ran at least 12 online casinos, laundered money and operated an unlawful bitcoin exchange, according to the indictment.”
Three hackers were charged with 23-count indictments. October 9th JPMorgan Chase made a public announcement of the details of this incident. Although it has started to reveal its case, the situation is not settled.
JPMorgan Chase must now look into the precautions the company must take for next time in order to prevent from this ever happening again. U.S. Attorney General Loretta Lynch rightfully states that in this day and age, the majority of information is kept in an online database.
This database could be hacked at any moment and although it is “inaccessible” to the public, if the public have certain talents to poke through the loop holes of hacking it may be possible for unwelcomed visitors to come on the site and collect data that is not authorized for this possession.
A company as large and known as JPMorgan Chase & Co. has a reputation to live up to and a certain standard to maintain.
If JPMorgan could have hundreds of millions of victims’ information stolen, it makes people wonder of all the situations that are less secure and could be stolen.
CNBC states, “We continue to work closely with the authorities by providing any and all information and resources we can to support their investigation and prosecution of the criminals,” Scottrade said in another statement.
JPMorgan Chase is doing all the company can do in order to reveal the deepest aspects of this case. Since the hackers have been caught and named already, the radar is high.
JPMorgan Chase will not tolerate another incident of disappointing its customers.
A version of this article appeared in the Tuesday, November 17th print edition.
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