What Can You Learn from JP Morgan's Data Breach

What Can You Learn from JP Morgan’s Data Breach

On the heels of the Home Depot data breach comes another case of customer data being compromised, this time from the largest bank in the United States. JPMorgan Chase reported that information from more than 76 million households and 7 million small businesses may have been compromised when hackers gained access to its systems on an administrative level.

Account holder names, addresses, phone numbers, and email addresses are thought to have been revealed, as well as internal notes about those account holders. JPMorgan Chase asserts that there is no evidence that information like account numbers, passwords, birth-dates, or social security numbers was leaked in the breach.

What This Means for Business

As TechTarget pointed out, in both the Target and JPMorgan Chase data breach, no full-time Chief Information Security Officer (CISO) was overseeing operations. In the wake of these breaches, businesses are beginning to realize the important role risk management and security play in business today. In the coming years, businesses will likely see the CISO role become a very important specialty in the field of technology, attracting higher salaries and the best talent in the field. For small businesses, these duties will be entrusted to the provider, who will staff the best and brightest to oversee cloud servers for a large number of clients.

How to Protect Yourself

Without information like social security numbers and birth-dates the collected information isn’t enough in itself to risk identity theft, experts say. However, a JPMorgan spokesperson points out that consumers should always keep an eye on their accounts. The biggest problems may come from the email addresses that were compromised in the breach, with this information potentially being used to launch phishing attempts. Through these attempts, information such as social security numbers and account passwords could be obtained. Small businesses should remind users to never click on links or download attachments from unknown parties. When they receive an email about an existing account instead of clicking on the link on that email, users should always go to the site on their own and update any information there.

Safeguarding your business’s applications and systems is your business’s top priority, since securing your own customer data is an important part of your long-term success. By ensuring that your employees keep their own passwords as secure as possible by avoiding phishing attempts, you’ll be taking a vital first step. When working with a cloud provider, be sure to ask questions about the role they take in preventing hacking attempts and keeping your data safe.

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