Wendy Whitmore, Palo Alto Networks Senior Vice President and Head of Unit 42, provides insight on responding to cyber hacks on “The Craman Countdown.”
JPMorgan Chase executive Mary Callahan Erdoes said Wednesday that the bank deals with large-scale attacks on a daily basis from hackers attempting to breach its systems.
“There are people trying to hack JPMorgan Chase 45 billion times a day,” he said, adding that the frequency is “twice as much as last year.” The bank spends $15 billion each year on cybersecurity and technology to thwart these hackers' daily efforts, she said.
Erdeyes' comments at Davos 2024 coincidentally came just after Tuesday's Allianz commercial. Release of risk barometer report Cyber incidents identified as the “biggest business risk” in 2024.
This illustrated photo taken on May 13, 2017 shows a man holding a laptop computer with a cyber code projected onto it.Reuters/Kacper Pempel/Illustration (Reuters/Kacper Pempel/Illustration/Reuters Photo)
According to Allianz, 36% of the more than 3,000 companies surveyed worldwide, including customers, industry organizations and risk management professionals, cited cyber incidents as the top risk in 2024.
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According to the report, the percentage of people who say cyber incidents are their biggest threat has increased by two percentage points since 2023, when they also ranked first. Other years rated highest among the 10 types of risk included 2022 and 2020.
The insurance company considered cyber incidents to include data breaches, IT failures, ransomware attacks, and fines.
This illustrated photo, taken in Krakow, Poland, in August, shows a person dressed as an internet hacker displaying binary code on a laptop screen. (Jakub Porzycki/NurPhoto via Getty Images / Getty Images)
When it comes to cyber incidents, 59% of business and other survey respondents said the risk of a data breach is their biggest concern, according to the report.
Allianz found that “cyber-attacks against critical infrastructure and physical assets” and “an increase in malware/ransomware attacks” were implicated behind the data breaches. According to the data, 53% of respondents cited these as their “most concerning” cyber risks.
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“Cybercriminals are leveraging new technologies such as generative artificial intelligence to automate and accelerate attacks, making malware and phishing more effective,” said Scott Seis, Allianz Global Head of Commercial Cyber, in a press release. We are looking for ways to create one.” “Threats faced by small and medium-sized businesses due to an increase in incidents due to poor cybersecurity, especially on mobile devices, a shortage of millions of cybersecurity professionals, and reliance on IT outsourcing will also drive cyber activity in 2024. It is expected.”
A hacker is sitting behind a monitor in a room. (license/image)
In 2023, companies such as Comcast, Clorox, Mr Cooper, and VF Corp experienced cyber incidents with varying impacts, leading some to temporarily disrupt operations.
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Hotel and casino companies Caesars Entertainment and MGM Resorts International responded to cyberattacks. Both the hotel and casino companies disclosed their respective attacks last September.
Besides cyber incidents, business interruptions and natural disasters were also a major concern for businesses in 2024, at 31% and 26%, respectively, according to Allianz. The top five also includes regulatory/legal changes and macroeconomic developments.
