The JPMorgan Chase may have been prevented if the bank had been farsighted and installed an essential security measure on the neglected entry-point server in its huge system.
Way back in October, the bank had revealed the telephone numbers, names, postal addresses and email ids of about 83 million account holders whose details were compromised and made susceptible post the hacking, which compromised JPMorgan Chase’s computer networks. Though, it still remains obscure as to where the attack started off.
As indicated by a New York Times report, “individuals who have been informed on in-house and external inquiries concerning the assault” have uncovered the data relating to the fundamental security fix oversight. The information sources decided to stay nameless as the investigation is ongoing.
“The frail spot at JPMorgan seems to have been an extremely fundamental one, the individuals said,” uncovers the New York Times.
So what was the Achilles heel for JPMorgan Chase? Obviously, the bank did not set up a double verification framework also known as the two-factor authentication method, which is a second layer of security that obliges the entering in of a second password. Post this verification alone can one get access into the secured framework.
Though, according to the sources, the security group at the bank supposedly abandoned updating of one of its systems with this two-factor authentication method. Therefore, JPMorgan Chase was susceptible to hacking.
The lapse on the behalf of security group is currently being assessed by the internal board, which is looking to discover if any extra oversights or loopholes exist in JPMorgan Chase’s huge system. The familiar sources have also uncovered that the event is seen as humiliating by the bank.
At the start of December, US watchdogs uttered concern and uncovered that they are escalating endeavors to study the capacity of bank’s security measures to bulwark of cyber attacks.