JPMorgan to double cyber-security spending

JPMorgan Chase Chief Executive Officer Jamie Dimon said the biggest U.S. bank will probably double its $250 million annual computer-security budget within the next five years.

Bloomberg News reports that Dimon, whose company recently disclosed that an attack by hackers exposed contact information of 76 million households and 7 million small businesses, made the remarks Friday at an event sponsored by the Institute of International Finance in Washington.

'It’s about firewall protection, it’s about internal protection, it’s about vendor protection, it’s about everything that hooks up into you,' said Dimon, 58. There will be a lot of battles. Unfortunately some will be lost.'

JPMorgan has outlined details of the scope of the breach, first reported in August, saying there was no evidence that customer account numbers and passwords were compromised. 

Hit the link below to access the complete Bloomberg News article:

Dimon Sees Cyber-Security Spending Doubling After Hack

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