Tomahawk, WI 08/29/2014 (Basicsmedia) – JPMorgan Chase & Co. (NYSE:JPM) is working closely with the FBI as it tries to unravel the motive behind a recent Cyberattack on its network. The bank may be dealing with a bigger problem according CNBC’s Melissa Lee as stolen information looks set to be sold to other people who may use it to perform other crimes.

Acquired information from the banks servers might be sold to money laundering schemes according to security strategists Derek Manky, potentially affecting thousands of people whose data might have been’ stolen. JPMorgan Chase & Co. (NYSE:JPM) has already stated that it has not seen any unusual fraud activities in its banks although, it did say it was taking additional steps to safeguard its client’s data.

“It is sold, It is outsourced’ i mean in terms of money laundering. You have a whole scheme there for money mules that are usually’ hired. [..] it is a very large network out there,” said Mr. Manky.

JPMorgan Chase & Co. (NYSE:JPM) has reportedly launched a parallel investigation to the one being carried by the FBI after a malicious software was detected’ in its network. Neither the severity nor motive of the attack has been’ confirmed although Bloomberg claims the attack might have been carried out as retaliation for the U.S. implementing sanctions on Russia.  Time is always of the essence from the time when data is stolen to the time that security systems are launched to prevent any further damage.

“Time is money that’s one of the biggest things we see whenever any sort of breach happens. The longer that window is open before a full, thorough forensic analysis is done basically knowing your enemy and exactly what happened the more damage is going to be done,” said Mr. Manky.

The extent of the damage cannot be determined at the moment according to the security analyst, unless there is an expedited investigation by both security agencies’ and the bank. JPMorgan Chase & Co. (NYSE:JPM) has reportedly launched a parallel investigation to the one being carried by the FBI after a malicious software was detected’ in its network. Neither the severity nor motive of the attack has been’ confirmed although Bloomberg claims the attack might have been carried out as retaliation for the U.S. implementing sanctions on Russia.

JPMorgan Chase & Co. (NYSE:JPM) may be carrying out damage control at the moment according to the analyst, to ensure anything malicious operating at the background of its network is blocked.

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