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JPMorgan Chase wants more cooperation to defend against cyberattacks

JPMorgan Chase spends millions of dollars per year to defend against cyberattacks, and wants better cooperation among companies, banks, and law enforcement
By: Michael Hatamoto | Hacking & Security News | Posted: Oct 15, 2014 12:30 pm

Banking giant JPMorgan Chase was victimized by cybercriminals, and more than 80 million customers are at risk due to stolen customer information. JPMorgan CEO Jamie Dimon said private businesses and federal governments need to better cooperate to defend against a growing wave of sophisticated cyberattacks.

 

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JPMorgan reportedly spends upwards of $250 million per year - along with a security staff of 1,000 employees - to help try to defend against cyberattacks. Unfortunately, their efforts were unsuccessful, as hackers are keen to try to compromise financial institutions. JPMorgan has discussed the breach with other banks, in an effort to prevent them from being victimized by the same type of attacks.

 

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

NEWS SOURCES:Abcnews.go.com, Media.npr.org

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