The afternoon of 14 October, CCTV America (China Television in America) invited the voice of Senior Online Safety, Christopher Burgess to appear on their evening news (morning news in China) to discuss the state of cyber security with respect to the JP Morgan Chase hack which resulted in 76 million individual and 7 million businesses saw their information was pilfered. We wrote about this in a prior post “Do you bank at JP Morgan/Chase? Pay Attention!”  In the piece we discussed what you the consumer can do to protect yourself , which we reiterate:

  1. Change your Chase bank account passwords
  2. Enable two-step authentication
  3. Monitor your accounts, daily
  4. Adopt a no click/no call policy when it comes to engaging with your financial assets.
  5. Acquire the service of an identity theft monitoring and resolution service.

And while consumers are protected from unauthorized withdrawals, the business accounts fall under a far different set of rules than the individual consumer. In Chase’s instance, they clearly stated that all account holders (not just individuals) would not be held responsible if the aforementioned breach caused a  business account owner to lose their funds. Recommendation is check with your financial institution for the solutions, train your personnel in good cyber safety and security practices.

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