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Summary. JPMorgan Chase, America's largest bank, faces an alarming 45 billion daily cyber infiltration attempts, double the number from last year. The dynamic nature of these threats, amplified by the rise of AI, places unprecedented pressure on both banks and regulators to stay at the forefront of this ongoing battle.

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 of JPMorgan Chase's asset management division, shared these figures at the World Economic Forum in Davos.
  • 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. JPMorgan Chase's investment in cybersecurity has increased exponentially to meet the growing threat.

  • 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 U.S. and Europe report a general rise in cyber attacks.

  • 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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