Chase's Cybersecurity Budget to Double
CEO Dimon Discusses Breach at Banking Event
JPMorgan Chase CEO Jamie Dimon said Oct. 10 that he expects Chase's annual computer security budget to double from $250 million to $500 million over the next five years in the wake of its massive data breach.
See Also: OnDemand | Generative AI: Myths, Realities and Practical Use Cases
Commenting during a panel discussion hosted by the Institute of International Finance, the CEO said: "It's about firewall protection; it's about internal protection; it's about vendor protection; it's about everything that hooks up into you," according to a Bloomberg report.
Chase's network data breach, confirmed in September, exposed personally identifiable information, such as e-mail addresses and names, for 76 million households and 7 million small businesses.
Dimon also noted, according to The Wall Street Journal: "We have to be vigilant. This will happen for a long time ... We need help and [need to continue] working together with the government. The government knows more than we do."
The CEO said banks need to work with each other to help fend off hackers, and a "legal safe harbor" could be needed to foster more cooperation, Bloomberg reports.
