You may not have heard of Comerica Bank, the bank that has been hacked by Chinese hackers.
But you may have heard that its parent company Comerics Group Corp. is one of the largest banks in the United States.
And you may know the name of the company that owns it.
“This is a big company,” said James Karras, a professor at Harvard Business School who specializes in cybersecurity and privacy.
“This is the biggest bank in the world.”
The bank’s shares have lost nearly a quarter of their value since the hackers first began targeting its computer systems.
The hackers have targeted about 70% of Comers bank’s network, according to Bloomberg News.
In a statement to Business Insider, Comericas CEO Tim Karrans said that the bank has already taken “necessary steps” to protect against the cyberattack.
“We continue to have a robust security posture and have deployed the appropriate systems to mitigate and mitigate against the threat,” he said.
“We are committed to the continued integrity and security of our systems.”
Comerica said in a statement that it has a comprehensive plan in place to defend against the attack and is “monitoring the situation.”
Comers chief information officer said in the statement that “We have deployed a comprehensive and integrated cybersecurity posture and are taking necessary steps to mitigate the potential threat.”
Karrans also said that Comerican is cooperating with law enforcement and the Federal Bureau of Investigation (FBI) on their investigation.
“Our employees are committed and engaged in this complex and ongoing cybersecurity incident, and we have taken the necessary steps, including a review of our internal cybersecurity procedures, to mitigate against a breach of our network,” he wrote.
“Comerics will continue to work closely with our federal, state, and local partners and other stakeholders to provide our customers with an enhanced level of protection against this type of incident.”
Comera is owned by the family of the late Warren Buffett.
The company is one the world’s largest banks, with nearly $7 trillion in assets.
Karras also said Comericans security team is taking steps to make its system more resilient against the hackers.
“Over the last several months, we have invested significant resources in developing new security controls to ensure the highest levels of security are in place,” he added.
“The new controls are intended to address the significant impact that cyber threats have had on Comerains systems and our customers.
These controls are now fully operational and are available to all Comerians customers.”
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