It comes out by way of a regulatory filing that the hacker attack on JPMorgan Chase was much worse than the bank first let on: The accounts of 76 million households and seven million small businesses were compromised. That ranks it up there with breaches at Target and Home Depot. But it is more troubling because hackers penetrated the systems of a money center bank, with all the potential for havoc that entails.
According to Adam Levitin writing at Credit Slips, this is much scarier for Americans than ISIS.
Online banking and debit cards are incredibly convenient. They also allowed the banks to cut jobs, close branches and increase profit margins through these reductions and fees. Now it is clear they are also highly vulnerable. The bad hackers are way ahead of the good hackers’ efforts to keep our cyberlife safe. (One useful guide I’d recommend is the Internews Speaksafe Toolkit; it’s aimed at journalists but civilians can learn many best practices).
How have these attacks changed your behavior? In the poll, when I write about making changes in your behavior, I mean such basics as changing passwords often, using complex passwords, never clicking on potential pfishing links, etc.
This Week’s Links:
• Solid jobs report continues to lift employment, but not wages | Jared Bernstein
• The unemployment rate fails to take missing workers into account | Economic Policy Institute
• The dollar is still king (chart) | Barry Ritholtz
• Corporate tax dodging threatens public funds | NY Times
• Why Boeing beat SpaceX in NASA’s space taxi contest | Wall Street Journal
Today’s Econ Haiku:
Ben’s mortgage hassle
WaMu could have fixed him up
While the Fed looked on
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