jpmorgan-2.jpg (Photo : benswann.com)
It was reported early this year that the massive JPMorgan Chase data hack was due to an oversight of the bank's security fix. New York Times stated that the database breach could have been avoided if the bank had thought to install a security fix. The bank's unsecured customer database servers were the hackers' target. It consisted of personal information of millions of Americans.
The incident may have been evaded had the bank installed a simple security feature that many users are common with: Two Factor authentication. It would have been a great help to prevent the massive breach.
It was reported that the hackers were able to steal JPMorgan Chase's employee credentials. Other than that, the hackers were reported to have access to the computer servers and network and were able to get access to more than 90 bank servers. Hackers were able to steal for around 83 million household and business account information in the United States.
The servers that the hackers were able to attack did not have the two step authentication security platform. Hackers did not need to hack a secondary password besides the stolen password that they already have and used to gain access to the bank's system. It was a simple yet very comfy vulnerability of the institution's system which the intruders took advantage of actually surprised the investigators. They initially thought that it was a great hacking incident.
Other banks that possess the two factor authentication security were spared from the hit. However, it cost JPMorgan Chase around $250 million each year due to this lack of security system.
