Um Thanks for being here today. Uh We will talk today about as um Margaret was saying um about cybersecurity and about, you know, modern engineers actually cybersecurity from world's most perspective, what threat actors are doing today and the defense strategies as well, right?

So let's start by um giving a brief introduction to top cyber threats. First, we have this malware which spreads across, you know, companies, corporate network encrypting uh customer data and rendering system inoperable. When encrypting information, the Attackers ask in order to decrypt information or they go even further, they first make a copy of that data threatening the victims by exposing the data in the internet if they don't pay. So this year, um there has been a, a near constant stream of ransomware attacks across all the industries. It's not a matter of financial industry, but it's, you know, every single industry is um uh willing or uh ready, you know, to be attacked by these type of things. So linking you to um its extreme profitability for bad actors. Actually, ransomware remains like the most popular threat type for this year. And also, you know, Fre Aur have capitalized on the COVID-19 pandemic and, and the new uh work from home configuration, ramping up ransomware operations throughout the whole year. Then we have the phishing. So these type of poisoned emails, right that a victim receive under presumably uh interesting topic with a link to a malicious site or uh a post, a poison document attached in the email.

So prior to the pandemic, credential theft and fishing were at the heart of more than 67 of the breaches that um which was increased during the pandemic. Then we have uh this type of what we call the distributed denial of service attacks, which have been steadily increasing also in frequency over the past years. And for example, here two last year, we saw a roughly 50% increase compared to 2020 2019. So the average attacks last 24% longer and the maximum attack length has jumped by listen to this 264% which shows us us certainly how impactful this type of attacks can be for an organization. And then we have, you know, the classic, I would say insider threads where we have these two main sources, we have the negations. So people that really don't have intention by, by mistake or errors and that they commit, they can, you know, make a a bigger breach and we have demolitions intent. It is interesting that in 1990 sorry, in 1920 negligence, insiders are the most common common and account for 62% of all the incidents where malicious insiders were on only responsible for the 14th percent.

So clearly, we have to do a very uh thoughtful process in terms to prepare our employees, right, in order to avoid this type of negligence and last but not least we have data breaches. So in general, passwords and email addresses are still the most exposed. Data and financial incentives are still the leading cause of these type of breaches in all these, you know, type of incidents. Three actors often took advantage of common vulnerabilities, affecting internet facing devices, compromised or leaked information on publicly available data resources, poor email configuration which allow, you know, for spoofing and fishing and legitimately uh uh register domains with um great methods. OK?

So that's basically what we are facing off when we talk about uh top threats um um activities, but we have COVID. So since the COVID-19 outbreak uh began, the number of cyberattacks have soared. So hacker have uh exploited a greater number of weakly protected factors into corporate systems as well as you know, utilized the the human destruction caused by the COVID-19 related events to compromise personal devices. So today to give you an example, the FBI is receiving 3000 to 4000 cybersecurity complaint daily up from 1000 prior to the pandemic. So and in terms of fishing, as I mentioned before, prior to the pandemic, the credential theft and the fishing were at the heart of more than 67% of the bridges. It has since found that uh fishing remains the number one issue during the pandemic today or during the pandemic. Basically, users are three times more likely to click on a phishing link and then enter their credentials than they were PRE COVID because of, you know, all this expansion about this, the the the faster the complication, the the huge situation about everyone working from home with a lot of people, you know, surrounding you.

So they are more distracted and it's easily, easily, easier for the people to to click on links that are, you know, poisoned. So fishing will remain the top attack vector throughout 2021 with RS expecting across traditional fishing and also fishing, which is the the way that they do it by you know, calling you or what we call also the smashing what with the S MS, you know, text messages. So it's not only by email, you know, you have to be careful about everything, every type of message that you have received from unknown sources or unknown people. And and also all this situation about COVID make companies to jump into remote working abruptly. So this was also an advantage for these bad actors, right? Poor technological uh infrastructure and inadequate cyber and and data security are hindering the productivity of employees working from home and represent a cyber risk to businesses. I would say uh an estimated of 25% of all employees have noticed an increase in fraudulent email and spam and also phishing attempts in their corporate email since the beginning of the COVID crisis. And then we have all these, you know, bring on, bring your own device that maybe before the COVID was, you know, not very common that it was completely expanded.

So while the majority of organizations allow the use of employee owned device in the in the workspace in some way, many employees use today, their personal device at work, regardless of any type of company's policies related to in your own device. And and due to this, you know, abruptly transition to a remote working environment, cyber criminal have increased their attacks on remote logging services. So they are taking advantage of this, you know, ab abruptly uh rise of remote logging. So they are taking advantage of any type of vulnerability of mis configuration related to this in order to take advantage and gain the access to the company. So there were over 1.2 million attempts made to compromise remote logging services with the majority of these attacks being executed through brute force. That means, you know, trying and trying and trying until they get the correct uh password, right? For all this context about the variety of of threats, plus this increase of the exposure due to COVID pandemic gets even much more complex when we talk about the emerging technologies. So um that you need change there. OK. So emerging technology is also leveraged and targeted by products, creating a new risks and new challenges for the organizations in general.

Here, I try to sum up, you know, uh uh a list of these emerging technologies and talk a little bit about the new challenges that we are facing with this. The first one is of course the public cloud everyone is talking about, you know, uh speeding up and, and, and and making a lot of improvements by putting their information in the public in in the public cloud. But also this ex this gives uh uh uh an exposure to increased risk through, for example, misfigure resulting at the end of the day in data confidentiality, uh integrity or even availability risks. And then we have this, you know, uh you have may, may have heard about this uh the use of the fake where you can create, you know, someone that is looks like you, but it's not you talking exactly like you. So these these type of techniques um convincing, you know, simulation of people based on audio, on video evidences on which they are trained a machine to conduct what we call the social engineering attacks. So if I can simulate with this type of technique, I don't know the cio of the company calling me for sure, I will, I will do whatever they are asking for, right? And this is actually what, what we we call the social engineering attacks.

And then we have um the software supply chain. So product complexity increases the risk that affects um vulnerability and malicious code will be inserted into software products, making companies very vulnerable uh when implementing updates on those infected software. So now these actors instead of directly trying to attack your software or your uh infrastructure, they go through your vendors and they try to poison their software. So when you implement or, or when you, you know, uh implement the software by those vendors, you get attacked without noticing.

And then we have the internet of things also allows, you know, potential exposure such as privacy invasion, uh large scale botnets and physical damage, especially at home where we don't have, you know, a conscious process of protecting our home devices. And then we have these quantum computers that are so terrific powerful computers where experts today are predicting that these quantum computers while eu uh uh continue to evolve could crack encryptions that currently help protect critical information, right. So today we have very strong encryption algorithms where we encrypt our confidential information and then we will have these powerful computers that we will able to crack them in, in, in, in a matter of one day, you know, or hours. So that will expose really everything that is protected through those type of encryption, I believe. And lastly, uh with the use of artificial intelligence hackers will target data sets used to train more and, and poison them. Uh This is to say, for example, modifying malicious code to appear safe and trusted. So with all this type of technology, these, these are um the way that they, they will evolve and continue, you know, uh pushing us into a more challenging environment. So it is important to mention that actually bad actors, as I said, use a variety of tactics, techniques and procedures to infiltrate their victims network. This can can cause damage to both online and reputations of people, businesses and governments around the world.

So the best way to defend against these attacks is knowing where they take place and what tools are needed to stop them before it's too late. The global uh business expansion um and growing regulatory demands require new technology solutions and continue industrywide effort efforts in adopting, you know, emerging technology also help business to be more competitive and agile in a digital area. So we should work to allow the business to enable this technology securely. It is important to monitor landscape by identifying external threats, monitoring uh emerging threats and defining the risk appetite with very clear thresh thresholds to be constantly monitored. Also, it is key to evaluate emerging solutions aligned to risks and business driven priorities and define fast track proof of concept. Before deploying these technologies, we definitely need to ensure prescriptive engagement, guidelines, policies and standards to be followed and a clear framework to assess third party uh risks ensuring control alignment and secure architecture. Finally, it is necessary to deploy upscale or targeted to risk and integrate each point solution with risk management framework and closely monitoring.

The idea is to identify the attacks to stop them, learn from them to enhance and improve the defense for them continued, you know, investment in cybersecurity is required to keep pace with the variety and complexity of threats, business and regulatory drivers. Um OK. Finally, so this is uh how we think, you know, technology at JP Morgan uh in in cybersecurity. JP Morgan invest 6 $600 annually on its uh enterprise wide strategy for cyber defense. This strategy is de designed to protect the bank's most critical information assets and accelerates business and technology opportunities on focus is um our focus is established on protecting business, critical information at every single level and define a different in a differential uh protection for critical information assets.

We define an adaptive um security and and controls tailored to global business regulatory and threat environments. We also promote business awareness and preparedness through rob training and simulations and we have in place proactive cyber operations that are risk based and intelligence led in terms of an artificial intelligence.

We were we are working on A I Power Solutions that automate billing and make it easier for clients to move money around the world. We are also using machine learning to personalize the digital ex uh experience on JP Morgan markets, global research and we continue on exploration and development of Blockchain solutions such as JP Morgan coin that deliver value to clients. Then uh finally, I would say we have 50,000 technologies who are working in our company with a big collaboration with high profile start ups. This is the reason why we have our CIO ceo uh Jamie Dimond says that we are now a technology company which provides financial services.