Boston, MA 09/02/2014 (wallstreetpr) – A few days ago when reports of a cyber attack on JPMorgan Chase & Co. (NYSE:JPM) was published, it created an insecurity among various other banks as well. If hackers could look into the cyber protection of JPM, then they could do it with other financial institutions as well. Due to this fact companies like Wells Fargo & Co. (NYSE:WFC) and a few others have decided to strengthen their cyber security. They are ready to spend any amount of money in order to get things done as soon as possible.
What WFC has to say:
According to one of the spokeswomen of the company, there had not been any sign of cyber attack so far. Wells Fargo & Co. (NYSE:WFC) got in touch with Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency of Federal Reserve to give them notice.
WFC denies any sign of cyber attack, but it doesn’t mean that the company doesn’t pay attention to this matter. According to people close to this issue, Wells Fargo & Co. (NYSE:WFC) has formed a team of so called ‘cyber hunters’ of around a dozen of employees who detect various vulnerabilities to cyber issues. The company said in a statement that the security was the prime most concern for it in the form of businesses; hence, it couldn’t afford to compromise with it. The company did not refuse to comment on the fact that it invested heavily on security issues. The customer information is very important for the company and that it cannot afford to compromise it at any cost, therefore, it has a particular system in place to avoid such issues.
Although the company refuses to disclose its total cyber security spending, but according to a person close to this matter, there are more than 60 people around the globe who take care of its cyber security operations. Wells Fargo & Co. (NYSE:WFC) is also planning to open three new Cyber Threat Fusion Centers in the near future.
