We just caught some jaw dropping numbers in a letter JPMorgan Chase's CEO sent to shareholders:
"I have written in previous letters about the enormous effort and resources we dedicate to protect ourselves and our clients—we spend nearly $600 million a year on these efforts and have more than 3,000 employees deployed to this mission in some way. Indirectly, we also spend a lot of time and effort trying to protect our company in different ways as part of the ordinary course of running the business."
Cybersecurity: biggest threat to U.S. financial system?
CEO Jamie Dimon also wrote that cybersecurity may very well be the biggest threat to the U.S. financial system.
Because, he says, cyber risk extends well beyond JPMorgan Chase's security spend.
"... the financial system is interconnected, and adversaries are smart and relentless—so we must continue to be vigilant. The good news is that the industry (plus many other industries), along with the full power of the federal government, is increasingly being mobilized to combat this threat."
CEO Dimon's statement also confirms what those in security know already: large banks have incredibly robust security teams.
Bank hires former U.S. Bank CISO
JPMorgan Chase recently hired Chief Information Security Officer Jason Witty from U.S. Bank.
We interviewed Witty (a SecureWorld Advisory Council member) on where CISOs should focus. Watch his interview and see our story here: