JP Morgan Chase Sees Cyber-Security Spending Doubling
JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said the bank will probably double its $250 million annual computer-security budget within the next five years.
Dimon, whose company recently disclosed that an attack by hackers exposed contact information of 76 million households and 7 million small businesses, made the remarks at an event sponsored by the Institute of International Finance in Washington, said Bloomberg.
"It’s about firewall protection, it’s about internal protection, it’s about vendor protection, it’s about everything that hooks up into you,” said Dimon, 58. “There will be a lot of battles. Unfortunately some will be lost.”
JPMorgan outlined details of the scope of the breach, first reported in August, saying there was no evidence that customer account numbers and passwords were compromised. Banks work with each other to help fend off hackers, and a “legal safe harbor” could be needed to foster more cooperation, Dimon said today in his first public appearance since beginning treatment for throat cancer.
Dimon disclosed July 1 that he would undergo eight weeks of radiation and chemotherapy to treat the disease, and said his prognosis was excellent. The CEO has been working at the New York-based bank while being treated, and made Lee Raymond, JPMorgan’s lead director, available if managers needed guidance while he was away.
Read more: http://www.bloomberg.com/news/2014-10-10/dimon-sees-jpmorgan-doubling-250-million-cyber-security-budget.html