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Jpmorgan Chase Bank: System Update & Security Problems

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Abstract

This paper will cover the benefits that JPMorgan Chase Bank will encounter by updating some of their systems and procedures and using Advanced Encryption Standard 256-bit. We are going to look at the security problems that the company faces along with the security systems that they currently use. Lastly, we are going to recommend a solution to this problem and how the company can fix it by administering the AES 256-bit. The AES 256-bit is the Data Encryption Standard with the algorithms redesigned that offer unbeatable security according to the NSA.

Company Background

J.P. Morgan & Co. was established in 1871 so it is a well-established company with many years behind it. It was founded by John Pierpont Morgan; whom it is said that he was an investment genius. They have been ranked one of the 100 best companies to work for by Forbes in 2015. Despite being so successful they have their downfalls. In 2014, JP Morgan Chase was part of an online breach. This affected over 76 million households.

JP Morgan Chase is a long-standing company that has taken control over Bank One and Washington Mutual Bank. They have survived the hard times and this is one of the reasons why they have proven to be so successful. They maintain a well-structured company that has survived many years. Because they have been so successful in the past in maintaining their customers, it is ensured that despite the breach, they will continue to be successful. JP Morgan chase is a well-structured company that has survived for over 100 years in the financial industry.

JP Morgan Chase has ranked in the top 20 companies by Forbes, for the last 10 years straight. The market value, sales, profit, and assets play a big role in choosing for the top 20 list. The company is considered successful when they can accomplish a great deal financially. In 2015 alone, JP Morgan chase ranked at 97.8 billion in sales while coming in at 2,593 billion in assets. The market value alone is 225 billion. The profit comes in at 21 billion. The success in JP Morgan Chase is in the structure. It’s a well-structured company that plays a low-risk stance. Chase doesn’t take a high risk-venture. Rather they gather their information and take the chance on low-risk ventures.

Discussion of Business Problem

In August of 2014, it is estimated that over 76 million households were affected by the JP Morgan Chase breach. It is essentially the equivalent of an estimated 65% of American households. Important information was comprised, including names, addresses, and phone numbers were stolen from the JP Morgan Chase as well as internal information about customers. Shares fell 0.4% to 58.61. Fortunately for all involved; account numbers, passwords, user ids, social security numbers, and dates of birth were not compromised during this cyber-attack. JP Morgan Chase has since then upgraded their defenses to beat cyberattacks. They have increased their protection and it has cost the company $250 million more than usual. It is because of these defenses that their stock has raised and it is now at 70.61. 

JP Morgan Chase Bank was struck with a security breach when 83 million households were affected. The names, addresses, phone numbers, and e-mail addresses of millions of customers were exposed. That cyber-attack was due to negligence of the JPMorgan’s security team. IT professionals and security experts need the education to continue to be able to keep up with the new wave of technology. Many of the security members have been lost to other banks. I believe this is partly due to pay. In order to keep customer information secure, the best security staff should be paid well. Another area is the data level cloud encryption will protect sensitive information such as customer information.

To protect against a cloud-based threat strong encryption like AES 256-bit will prevent third parties from accessing data from the cloud. For the AES 256-bit to work properly, it must be installed and maintained by high-level security experts. The AES 256-bit will prove its worth but must be installed and used correctly or it will fail at the job it’s supposed to do. Hiring the personnel to handle this should be a high priority as JPMorgan Chase has millions of customers counting on them to keep their information secure.

High-Level Solution

From the information gathered, the AES 256 ciphertext is invulnerable to attack when properly implemented. Organizations go to comparatively gruesome lengths, and add cipher/algorithms even more iteratively, hashing data in ways that only they can recognize. This has the effect of unnecessarily thwarting decryption, as iterative keys and hashing must be correctly processed to render plaintext. Even though it ought to be unnecessary, some are tempted by the zeal to gild the lily that is AES. The popularity of AES 256 has also given rise to hardware aids that offload some of the load that the algorithm imposes. It’s easier to use than most programmers believe, and extensive support for implementations means that you’ll run into it sooner than later.

AES 256 is a symmetrical encryption algorithm that has become ubiquitous, due to the acceptance of the algorithm by the U.S. and Canadian governments as standards for encrypting transited data and data at rest. Because of the length of the key, which is 256 bits, and the number of hashes, which is 14, it takes an extremely long time for a malware hacker to perform a dictionary attack. Inferences of a stream or stored data won’t likely happen in your lifetime, or in the next hundred lifetimes. The NSA knows for sure if the AES 256 is able to be cracked. This type of security system would most definitely increase the security information system for Chase Bank.

Benefits of Solving the Problem

As of August of 2015, JP Morgan Chase Bank has increased their security to ensure that a breach will not happen again. They have spent well over $500 million dollars to better secure their systems. The normal rate that was spent on security was $250 million so they have doubled their security to help ensure that this kind of breach or worse won’t happen again. This kind of security breach can prove to be extremely harmful to their company as many customers have lost trust and faith in the bank to keep their information safe and secured. In order for JP Morgan Chase to gain the customer’s trust again, they had to reevaluate their security procedures and pay more for better online security.

JPMorgan Chase Bank will further gain customers’ trust with their accounts and the users will be more likely to take advantage of the benefits of using online banking and make transactions online. It’s about the comfort and trust of the customer. If the customer doesn’t feel their information is safe, they will not trust the company. Trust is very important in the banking industry. Customers leave their money in the banks’ hands. Making sure the customer feels safe and secure about leaving their funds with JPMorgan Chase is top on the list of smart businesses. Old users will suggest to potential customers the safety of JPMorgan Chase and thereby supply the bank with the best kind of advertising; word of mouth. With the encryption of the AES 256-bit, customers will come to understand and appreciate that their money and their information is safe with JPMorgan Chase.

Technical Approach

When speaking of financial institutions, it is essential that the banks’ chief security officer (CSO) and the security committee be on the same page with implementing a new security system such as the AES 256. The data exchange between the user and Chase Bank is carried under the protection of an encryption technique. It is important to protect the user and the bank from any malware that could affect both user and the banking website. With the AES 256-bit, both the user and the website would be highly protected. AES 256-bit is uncracking because the keys are massive.

The AES 256-bit would greatly improve the software being used. It will help keep hackers out of the customers’ information. Also by making sure the security team is updated on the necessary software, it will make sure they are aware of the security that is needed to keep customer information safe. JP Morgan Chase has to be willing to pay what it must to keep the customers’ information secure.

Business Process Changes

In the business process of the changes that will be taking place, it is essential to implement the design decisions to the IT security team and the system security officer. All the changes in the system need to be aimed to increasing the security using the AES 256-bit. Encrypting the data is required to support the hardware modules. Power efficiency is important. The enhancements that are to be made should also include the power efficiency of the system. The most important is the simplicity of the structure. “The simplicity is realized by two means: the adoption of symmetry at different levels and the choice of basic operations”. Different design structures should be looked at but they are to find the simplest and most efficient one. The AES 256 symmetry can be implemented using hardware comparison in integer arithmetic.

Practices Used to Augment Solution

One weakness in the AES 256-bit can prove to be harmful. When implemented, it must be installed and maintained correctly and efficiently. When it is not, the AES 256 will be useless against hackers. We all know that stealing is wrong, but with the use of the anonymity of the internet, people tend to do more harm than if they were known. Attacks on the internet are easy for some when the threat of being caught is low. Therefore, some people will dispose of their ethical behavior. Impersonating someone else will be more easily done than if it were face-to-face. The internet allows for these people be more willing to take over or use someone’s identity. Because of this, network security is very important. The very last thing JPMorgan Chase Bank would want is someone taking their customer’s information and stealing their identities. To ensure this won’t happen, besides obtaining the AES 256-bit, it is essential to hire the right IT security team. Security personnel that is good at what they do, often seek employment elsewhere if they are not compensated accurately for what they do. JPMorgan Chase must ensure that the staff needed is maintained.

Conclusion and Recommendations

It is my belief that JPMorgan Chase ranks in the top 100 companies in Forbes because they know their business. Their organization is structured and they operate as such. It is stated by Forbes that JP Morgan Chase has $2.5 trillion in assets. They are the nation’s biggest bank but only came in at No. 73 on their list. Forbes states that JPMC revenue fell 4.6%. In 2013, JPMC also paid nearly $20 billion to resolve several legal issues that had arose. It is estimated that there will be more legal expenses to come because of a foreign-exchange probe. JPMC’s net interest margin of 2% is the 6th lowest among the 100 biggest banks marked by Forbes.

Because JPMorgan Chase knows their business, they also know what is in their best interest. Internet security is extremely important. It is my recommendation that JPMorgan Chase, immediately processes the AES 256-bit into their security system. It will further guarantee that their site will not be hacked into again and it will save millions of users from having the fear that their information be stolen.

High-Level Implantation Plan

Implantation of the AES 256-bit is tricky as they have to be tested against fault attacks. Once in place and accurately in the security system, the AES 256 has to be tested to make sure there aren’t any links of information. This is how the IT security team will make sure the AES 256 was set in place accurately. Each value would have to be checked to make sure there weren’t any errors. The more efficient the program runs, the less chance there is of it being hacked. Once the IT security team appropriately sets the AES 256 in place, then it must be tested. This will occur over five different fault attacks on the system. There will always be systems developing more and more but with the development of new technology, the security will increase and get better as well.

Summary

Right now, the majority of all systems are supported by the AES 128-bit. The AES 256 is the safest security system because it is unbreakable. Improved banking security allows the user to operate their own personal bank account with the ease and improved mindset that their information is safe and secure. The AES 256-bit will help both banks and user keep their data safe and make internet banking more secure. It will make it easier to perform various transactions in a secured manner. Many users face problems related to the security of their accounts, with the AES 256-bit, the users will feel safer.  

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JPMorgan Chase Bank: System Update & Security Problems. (2022, May 24). GradesFixer. Retrieved June 26, 2022, from https://gradesfixer.com/free-essay-examples/jpmorgan-chase-bank-system-update-security-problems/
“JPMorgan Chase Bank: System Update & Security Problems.” GradesFixer, 24 May 2022, gradesfixer.com/free-essay-examples/jpmorgan-chase-bank-system-update-security-problems/
JPMorgan Chase Bank: System Update & Security Problems. [online]. Available at: <https://gradesfixer.com/free-essay-examples/jpmorgan-chase-bank-system-update-security-problems/> [Accessed 26 Jun. 2022].
JPMorgan Chase Bank: System Update & Security Problems [Internet]. GradesFixer. 2022 May 24 [cited 2022 Jun 26]. Available from: https://gradesfixer.com/free-essay-examples/jpmorgan-chase-bank-system-update-security-problems/
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