JPMorgan's Dimon says cybersecurity a long-term fight

JPMorgan Chase chief executive Jamie Dimon Friday called for close collaboration between government and banks on cybersecurity in his first public appearance since his throat cancer disclosure.

Dimon, appearing relaxed and spry in a panel discussion with other bank executives, said JPMorgan was boosting its budget for fighting hackers. He characterized as a long-term fight.

"We have to be vigilant," he told the Institute of International Finance's annual conference in Washington. "We need help and we need to work with the government."

JPMorgan disclosed last week that hackers had accessed information such as names and addresses for 76 million household customers and seven million businesses following a breach this summer. The bank said there has been no evidence of fraud resulting from breach.

Dimon referred briefly to the breach, saying "we had a little problem recently."

His public comments were the first since Dimon, 58, disclosed on July 1 that he had been diagnosed with , saying the prognosis was good, and that he planned to receive radiation and chemotherapy treatment.

Dimon joined Bank of America Brian Moynihan, Morgan Stanley CEO James Gorman and Anshu Jain, co-CEO of Deutsche Bank for the panel discussion.

Dimon gave a bullish long-term outlook on the US economy, saying the potential was "extraordinary" given the nation's record of strong innovation, transparent markets and robust rule of law.

The effusiveness drew a skeptical look from panel moderator Tim Adams, president of the IIF, who asked Dimon to explain the bitter mood of many Americans.

"I do think it's the political gridlock," Dimon said, adding that many Americans are still "scarred" from the 2008 financial crisis and that income inequality is a growing problem.

"Until we are doing better for everyone, you're going to have this sour attitude and hostility towards banks," Dimon said.

"You sound like a candidate for 2016," Adams responded, in a reference to the year of the next US presidential election.


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© 2014 AFP

Citation: JPMorgan's Dimon says cybersecurity a long-term fight (2014, October 10) retrieved 16 September 2019 from https://phys.org/news/2014-10-jpmorgan-dimon-cybersecurity-long-term.html
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