Earlier this month, approximately 76 million US households and seven million small businesses heard that their JPMorgan Chase accounts had been compromised. Those households and businesses also learnt that the hackers who broke in were wandering around the bank's servers for two months.
The New York Times just revealed the length of the breaching a lengthy feature on the state of cyber security in the financial services industry. The paper did note that "it is not uncommon for hackers to rummage through a big company's network for several months before being detected". In fact, The NYT itself was hacked for four straight months by Chinese hackers. That doesn't make the details from the JPMorgan any less unsettling, though.
So this is the brave new world that Wall Street is struggling to navigate. The Grey Lady has deemed JPMorgan and banks like it as "too big to secure" in part because so many third-party relationships are potential security vulnerabilities. JPMorgan says that it doesn't think a third-party compromised its systems this time around. [NYT]