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Oct
14

J.P. Morgan CEO: Cybersecurity Spending to Double

From: The Wall Street Journal

James Dimon Appears on Panel in First Public Remarks Since Throat Cancer Treatment

By Emily Glazer

J.P. Morgan Chase JPM -0.93% & Co. Chairman and Chief Executive James Dimon said the bank would double spending on cybersecurity over the next five years, his first public remarks following the data breach that hit the nation’s largest bank this summer.

Mr. Dimon was speaking in his first public appearance since July, when he disclosed that he had been diagnosed with throat cancer.

“We had a little problem recently,” Mr. Dimon told the audience at the Institute of International Finance panel discussion, referring to the widespread hack into J.P. Morgan’s servers. Last week, J.P. Morgan said the breach had compromised contact information—but not sensitive account data—for 76 million households and about seven million small businesses.

He said J.P. Morgan over the next four to five years was likely to double its spending on cybersecurity from $250 million annually in 2014. “We have to be vigilant,” he said, adding that issues around cybersecurity “will happen for a long time.”

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