Andrew Slavin On Wall Street Cyberattacks

The cyberattack on J.P. Morgan last week was one of the most serious computer intrusions into an American corporation, says the New York Times.

The same group of overseas hackers, according to the New York Times, also infiltrated about nine other financial institutions.

Andrew Slavin, ansarada’s chief technology officer and cofounder of the M&A data room provider, speaks about what companies can do to prevent such attacks.

How can a financial institution ensure that hackers don’t disrupt their businesses?

Andrew Slavin: Step one is easy: ensure that you have latest technologies, security software and hardware.

So why are companies with big wallets still vulnerable to cyberattack?

Andrew Slavin: Big companies are natural targets. Their big size increases the chances that mistakes are made in keeping their systems safe from cyberattack. Large corporations have formal processes that increases the time it takes to respond to new threats that leaves a hacker a window of opportunity that they can exploit.

What do you think has been the goal of the attacks?

Andrew Slavin: It’s hard to make a cyberattack pay off with a financial gain.

So are they done for fun?

Andrew Slavin: Yes, or it is part of your job. The New York Times is reporting that the hackers have ties to the Russian government.

Will such attack continue?

Andrew Slavin: Definitely. We have seen a spike in cyberattacks recently caused by geo-political conflict.

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