JP Morgan Chase Breach Could Be Largest Ever
Oct. 6, 2014
JP Morgan Chase, one of the largest financial institutions in the world and the largest issuer of credit cards in the U.S., disclosed in a securities filing on Thursday that its systems were hacked last summer potentially compromising the accounts of 76 million individuals and seven million businesses. The company said in a statement the breach affected contact information only and that account numbers, passwords, user IDs, date of birth or Social Security numbers were compromised. And, while the statement said there has been no fraud associated with the breach, the number of accounts compromised exceeds those exposed in any of the high-profile retailer breaches that started with Target in December of last year and most recently affected Home Depot.
Retailers have taken the brunt of bad publicity surrounding the significant network intrusions of the past year, but Mark Horwedel, CEO of the Merchant Advisory Group, noted breaches are not confined to the retail sector, nor are they solely responsible for the damage to consumers that arises as a result.
“Breaches of sensitive cardholder data are not limited to merchants,” Horwedel told CardNotPresent.com. “Banks, too, experience breaches as exhibited by the recent JPMorgan incident. Breaches impact nearly every segment of society including consumers, merchants and banks, but the impact to all parties could be greatly limited if banks simply issued PINs with all of their cards.”