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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

Michael Hatamoto | Oct 15, 2014 at 07:30 am CDT (0 mins, 38 secs reading time)

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.

JPMorgan Chase wants more cooperation to defend against cyberattacks | TweakTown.com

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."

Last updated: Apr 7, 2020 at 11:48 am CDT

Michael Hatamoto

ABOUT THE AUTHOR - Michael Hatamoto

An experienced tech journalist and marketing specialist, Michael joins TweakTown looking to cover everything from consumer electronics to enterprise cloud technology. A former Staff Writer at DailyTech, Michael is now the West Coast News Editor and will contribute news stories on a daily basis. In addition to contributing here, Michael also runs his own tech blog, AlamedaTech.com, while he looks to remain busy in the tech world.

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