Bloomberg News

JPMorgan’s Dimon Says Cyber Intruders Could Breach Bank Defenses

April 09, 2014

JPMorgan Chase & Co. (JPM:US) is facing “increasingly complex and more dangerous” cyberattacks and some of the intruders may get through, Chief Executive Officer Jamie Dimon said.

“It is going to be a continual and likely never-ending battle to stay ahead of it -- and, unfortunately, not every battle will be won,” Dimon wrote today in his annual letter to shareholders (JPM:US) of the New York-based bank. The company will boost spending on cybersecurity to $250 million this year from $200 million in 2012, with future efforts expanding “exponentially,” he wrote.

Global corporations have increased their focus on how to repel hackers since breaches were revealed by retailers including Target Corp. (TGT:US) JPMorgan, the biggest U.S. bank by assets, is building three cybersecurity operations centers in regional headquarters to coordinate information and respond to threats, Dimon wrote.

Regulators have pressed lenders to strengthen measures against cyber intrusions, and Richard Davis, the CEO at U.S. Bancorp, said in November that when a cyberattack does succeed against a bank, the impact probably will be big.

To contact the reporter on this story: Zachary Tracer in New York at ztracer1@bloomberg.net

To contact the editor responsible for this story: Rick Green at rgreen18@bloomberg.net


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Companies Mentioned

  • JPM
    (JPMorgan Chase & Co)
    • $58.64 USD
    • -0.55
    • -0.94%
  • TGT
    (Target Corp)
    • $61.1 USD
    • 0.80
    • 1.31%
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