Analecta Cyber Company Blog: Three men charged in biggest bank hack in history

2015-12-10

Three men charged in biggest bank hack in history

JPMorgan Chase, which as one of the world’s biggest banks controls assets of more than $2.59 trillion, has suffered the largest hacking attack in financial history. The attack put approximately half a million of the bank’s prepaid cash card holders at risk of having personal financial data exposed.



Reports from Bloomberg confirmed that between 2012 and mid-2015 the hackers targeted at least nine financial institutions, including JPMorgan Chase, brokerages and a major business news publication. The hackers stole information on more than a hundred million customers.

Though no money was stolen as a result of the hacking, the type of information acquired was considered a precious commodity that could be sold in the underground market, raising the possibility that it could be used in identity theft and fraud, according to experts.

Three men charged in New York

Just recently, the US government has charged hackers responsible for the attack of JPMorgan Chase. Three men were charged and accused of hacking into several financial institutions, including JPMorgan Chase, by the US Court of the Southern District of New York.

Considering that officials have dubbed the case "the largest theft of user data from a US financial institution in history", bringing justice against those people involved will be a major accomplishment for law enforcement officials.

The three men were charged with 23 counts that included hacking, identity theft, securities fraud, and money laundering. One of the three hackers was also charged with a separate indictment for operating an illegal Bitcoin exchange.

JPMorgan Chase officials expressed appreciation for the strong partnership with law enforcement that resulted to bringing the hackers to justice in an email. The bank also vowed to continuously cooperate with law enforcement in fighting cybercrime.