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Summary.
In the news. These staggering statistics highlight the growing cybersecurity challenges facing leading financial institutions.
- With a
$15 billion annual budget and a team of 62,000 technology experts,JPMorgan Chase illustrates the scale at which banks must operate to protect against these threats. Mary Callahan Erdoes , head ofJPMorgan Chase's asset management division, shared these figures at theWorld Economic Forum inDavos .- She emphasized that the bank employs more engineers than technology giants such as Google and Amazon, necessary to deal with increasingly sophisticated cyber attacks.
Zoom in.
- Cyber attacks have increased not only in frequency but also in complexity, due in part to the rapid development of artificial intelligence.
- The increase in cyber attacks is partly attributed to Russian actors in retaliation for sanctions following the Ukrainian invasion.
Zoom out. Financial institutions in the
- A
Bank of England survey identifies cyber attacks as the biggest systemic risk to the financial sector. - A survey by
KPMG found that more than 70% of bank executives consider cybersecurity a primary concern.
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