JPMorgan’s Dimon Says Cyber Intruders Could Breach Bank Defenses

Apr 09, 2014 5:05 pm ET

April 9 (Bloomberg) -- JPMorgan Chase & Co. is facing “increasingly complex and more dangerous” cyberattacks and some of the intruders may get through, Chief Executive Officer Jamie Dimon said.

“It is going to be a continual and likely never-ending battle to stay ahead of it -- and, unfortunately, not every battle will be won,” Dimon wrote today in his annual letter to shareholders of the New York-based bank. The company will boost spending on cybersecurity to $250 million this year from $200 million in 2012, with future efforts expanding “exponentially,” he wrote.

Global corporations have increased their focus on how to repel hackers since breaches were revealed by retailers including Target Corp. JPMorgan, the biggest U.S. bank by assets, is building three cybersecurity operations centers in regional headquarters to coordinate information and respond to threats, Dimon wrote.

Regulators have pressed lenders to strengthen measures against cyber intrusions, and Richard Davis, the CEO at U.S. Bancorp, said in November that when a cyberattack does succeed against a bank, the impact probably will be big.