JPMorgan CEO Says More Should Be Done About Cyberattacks

[Audrey McNeil <audrey () riskbasedsecurity com>]

http://www.inc.com/associated-press/jpmorgan-ceo-jamie-dimon-says-more-to-be-done-on-cyberattacks.html

JPMorgan Chase's CEO Jamie Dimon says that more coordination between
businesses and government is needed to combat the rising threat of
cyberattacks.

New York-based JPMorgan said earlier this month that a breach of its
computer systems this summer compromised customer information pertaining to
roughly 76 million households and 7 million small businesses. Among the
customer data stolen were names, addresses, phone numbers and email
addresses.

A growing number of financial firms and major retailers have revealed their
customer's data has been stolen. Sears said Friday that a data breach at
its Kmart stores that started last month may have compromised some
customers' credit and debit cards, and Target and Home Depot have also been
the victims of cyberattacks.

While Dimon said that the coordination between his bank, law enforcement
agencies and other financial institutions has been good so far, it would
likely need to improve as the threats escalate. Dimon said that JPMorgan
had warned other banks about the attacks that it was experiencing to help
them prevent breaches on their own systems.

"Cyber is a big deal," Dimon said on a call with reporters on Tuesday.
"It's going to be an ongoing battle, and unfortunately battles will be
lost."

JPMorgan is currently spending about $250 million a year on cyber security,
and employs about 1,000 people in the area, according to Chief Financial
Officer Marianne Lake. The bank expects that those costs will rise next
year and beyond as the attacks evolve and become more sophisticated.

Dimon was speaking on a conference call after the company reported its
third-quarter earnings. He also told reporters that the prognosis on his
health was "excellent" after he had undergone treatment for throat cancer.
"I feel good and am happy that the treatments are over."

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