JPMorgan Breach Avoidable With Simple Security Fix
The largest bank breach to date at JPMorgan Chase could have been avoided if the bank had installed a simple security fix in a long overlooked server in its network, according to sources close to the bank.
JPMorgan spends $250 million a year on compuer security to fend off complex and sophisticated hack attacks, though in this case the attack was neither of those things. Cyber-criminals stole the login credentials for a bank employee, a method which still could have been thwarted except for the fact that JPMogan does not make use of a common two-factor authentication scheme. Such a plan would require a second one-time use password.
Unfortunately for the bank, their security team apparently neglected to upgrade one of its network servers with the dual password scheme, which was the opening hackers needed.
