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J.P.Morgan's Dimon feels a cyberattack is biggest threat to US economy

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  • 7 months ago
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A cyberattack may be the biggest threat to the U.S. economy according to J.P. Morgan’s Jamie Dimon.

The company’s Chairman and CEO laid the message put to shareholders in his annual letter, pointing out that J.P. Morgan spends close to $600 million on a yearly basis to provide a water tight defence system as it deals with a continuous barrage of attacks.

“The threat of cyber security may very well be the biggest threat to the U.S. financial system.”

And it should be taken in consideration, J.P. Morgan was itself victim of a data breach in 2014 hen it suffered a cyberattack.

The bank spends “a lot of time and effort trying to protect our company in different ways as part of the ordinary course of running the business,” Dimon said.

“But the financial system is interconnected, and adversaries are smart and relentless, so we must continue to be vigilant.”

In the 2018 letter, Dimon described cybersecurity an “arms race” and that it was critical for the financial industry, as well as for sectors including utilities and tech firms.

He also called for improvements to the local and international regulatory framework tied to cyber risk.

 

 

Source: Smart Trend Team