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JP Morgan’s Jamie Dimon says cyber is the biggest vulnerability the financial system

JP Morgan’s Jamie Dimon says cyber is the biggest vulnerability the financial system

When Jamie Dimon, CEO of JPMorgan Chase one of the largest banking entities, speaks investors and the markets tend to listen and digest what he is saying. This week, Dimon reminded that cybersecurity, one of the tentpoles of our Safety & Security investing theme, is an area that individuals, institutions and the government need to “focus on.” Intermixed with his comments was that JPMorgan has spent “a lot of money” and is “secure” but as we know this is an evolving landscape that likely means cyber spending should be considering an ongoing aspect of capital spending plans rather than a “fix it and forget it” type of spend. We’re already witnessing the shift in spending categories at the Pentagon, and odds are it will only be a matter of time before we see the same at more of Corporate America as well. All it will take is another high profile cyber attack or two, but that will be reactive (defense) rather than proactive (security).

 

Banks may be in sound condition post-Lehman Brothers, but the financial system could crack again if hit with a devastating cyber attack, J.P. Morgan Chief Executive Jamie Dimon warned on Thursday.

“I think the biggest vulnerability is cyber, just for about everybody” he told CNBC’s Indian affiliate CNBC TV-18 on Thursday. “I think we have to focus on it, the United States government has to focus on it.”

“We have to make sure because cyber — terrorist and cyber countries — they could cause real damage. We’re already spending a lot of money and J.P. Morgan is secure but we should really worry about that,” Dimon told CNBC-TV18’s Shereen Bhan in New Delhi.

Source: JP Morgan’s Jamie Dimon says cyber is biggest risk to the financial system