Cybercrimes One-Pager: JP Morgan & Chase Co



Cybercrimes 1 Pager: JP and Morgan Chase & Co Database Hacked
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Overview

=The event occured in mid-late 2014. Millions of people's data was stolen from JP Morgan Chase & Co, as part of an organized hacking that spanned just under 10 years. 3 guys from Israel, plus an anonymous fourth hacker, stole 83 million people’s personal data, and used it to make millions of dollars in illegal profits. The hackers also stole info related to company profits and news, which they used to manipulate stock prices and make financial gain. The hackers planned to use the data to start their own company based on JP Morgan & Chase Co, but fortunately their hack was stopped and they were caught before they could start.

How and How to Prevent

-These guys were able to use over 200 fake ID documents to manipulate the company's payment processing center, in order to launder money through 75 fake shell companies and accounts. The attack was discovered in September, but not fully stopped until mid August, and not made public until September.
-Multiple methods were used to break into networks, including brute-force attacks. Multiple employees were even tricked into providing login credentials to ETrade and Scottrade networks; this information was used to access customer databases on the JP Morgan Chase & Co network.
-Some cybersecurity techniques that could be used to help prevent a hack of this scale from happening again might include investing in stronger email encryption, as a big way that the hackers spread their program was through a virus sent through an email to over 300,000 employees. In general, they would benefit from improving their security standards, both in personal briefing and in their database security.

Data Specifics

-83 million people’s personal data were breached by the hackers. However, the attackers only were able to take names, addresses, and emails of the user accounts that they breached. They weren’t able to steal credit card numbers, passwords, SSNs, or money during their hacks. The hackers stole customer information in hopes of establishing their own brokerage business, and along the way they profited from the information they gained through the stocks JP Morgan.

Data Privacy / Security / Storage Concern

-One concern that arises from this data breach is the concern of the damage that the attackers were able to do using just this basic information of the user accounts they breached (names, emails, addresses). Using just this basic information, the cybercriminals were able to play with JP Morgan’s stock prices and manipulate them, generating millions of dollars. The concern is that the hackers were able to do so much damage with just this limited information. If they had access to more personal information, such as credit card numbers, passwords, or SSNs, they could have been able to do so much more damage to both the users whose data was stolen and to JP Morgan & Chase Co. This is a huge privacy concern and it questions the level of security used by JP Morgan & Chase Co.

Sources

[1] Zetter, Kim. “Four Indicted in Massive JP Morgan Chase Hack.” Wired, Conde Nast, 10 Nov. 2015, www.wired.com/2015/11/four-indicted-in-massive-jp-morgan-chase-hack/.
[2] Elsom, Dan. “Five of the Worst Cases of Cyber Crime the World Has Ever Seen - from Stealing Data from One BILLION Yahoo Users to Crippling the NHS.” The Sun, The Sun, 11 Oct. 2017, www.thesun.co.uk/tech/4120942/five-of-the-worst-cases-of-cyber-crime-the-world-has-ever-seen-from-data-theft-of-one-billion-yahoo-users-to-crippling-the-nhs/.

[3] Wikipedia. “2014 JPMorgan Chase Data Breach.” Wikipedia, Wikimedia Foundation, 23 Aug. 2017, en.wikipedia.org/wiki/2014_JPMorgan_Chase_data_breach

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