JPMorgan Chase & Co. (JPM): The Story Behind the Cyber Attacks

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A lot of people, especially the customers of JPMorgan Chase & Co. (NYSE:JPM), got a minor shock this week when it was revealed that there has been a cyber attack on the company. Though the company hasn’t disclosed much about the attack and investigation by Federal authorities is still undergoing, experts believe that the attack was carried by Russian hackers. Some believe that the Russian administration is behind the attacks and see the attacks as a result of the U.S. and EU imposing sanctions on Russia. Ken Westin, Security Researcher at Tripwire, and Michael Riley discussed today on Bloomberg the finer details of the cyber attack on JPMorgan Chase & Co. (NYSE:JPM).

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“So this is what the investigators are doing, they are now trying to retrace the steps of the hackers. This is always a really complicated process because hackers take a lot of efforts to try and hide their identity. In this case they commandeered computers all over the world, in Brazil, in Asia, and they use those sorts of first level computers to kind of hide their steps […],” Riley said.

Riley elaborated on the mechanism used by the hackers and revealed that the authorities followed back the steps taken by the hackers in conducting this cyber attack and this led them to the origin of the attack, which is a city in Russia that he didn’t named.

Ken feels that it is possible that the owners whose computers were used as a proxy while conducting this attack didn’t knew what was going on. He mentioned that there exist some malware programs that can hijack the computer of a victim and use it to do illegal things. He also revealed that on the Internet underground market one can even lease such type of computers to conduct attacks.

As of June 30, 2014, Ken Fisher‘s Fisher Asset Management owns over 13.5 million shares in JPMorgan Chase & Co. (NYSE:JPM).

Disclosure: None

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