Chase's Cybersecurity Budget to Double

CEO Dimon Discusses Breach at Banking Event
Chase's Cybersecurity Budget to Double
Jamie Dimon

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.

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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.

About the Author

Tracy Kitten

Tracy Kitten

Former Director of Global Events Content and Executive Editor, BankInfoSecurity & CUInfoSecurity

Kitten was director of global events content and an executive editor at ISMG. A veteran journalist with more than 20 years of experience, she covered the financial sector for over 10 years. Before joining Information Security Media Group in 2010, she covered the financial self-service industry as the senior editor of ATMmarketplace, part of Networld Media. Kitten has been a regular speaker at domestic and international conferences, and was the keynote at ATMIA's U.S. and Canadian conferences in 2009. She has been quoted by, ABC News, and MSN Money.

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