retail news in context, analysis with attitude

The New York Times reports on another major data hacking incident, this time with JPMorgan Chase saying that a summer cyberattack "compromised more than 76 million household accounts and seven million small-business accounts, making it among the largest corporate hacks ever discovered."

The story goes on:

"Hackers were able to burrow deep into JPMorgan’s computer systems, accessing the accounts of more than 90 servers — a breach that underscores just how vulnerable the global financial system is to cybercrime. Until now, most of the largest hack attacks on corporations have been confined to retailers like Target and Home Depot.

"And unlike those retailers, JPMorgan has far more sensitive financial information about customers. Investigators in law enforcement remain puzzled by the attack on the bank because there was no evidence that the attackers looted any customer money from accounts.

"The lack of any apparent profit motive has generated speculation among law enforcement officials and security experts that the hackers were sponsored by foreign governments either in Russia or in southern Europe."
KC's View:
It may not be "apparent," but the betting here is that the bad guys have a motive. I've read too many novels and seen too many movies to think anything else.

The bad news is that we're not going to trust any of our retail or financial institutions. The good news is if you are a mattress manufacturer … because sales of those things clearly are going to be going through the roof.