Editor’s Note: The following is an excerpt from the Bloomberg/BusinessWeek article, Dimon Sees More Regulator Scrutiny After Whale Loss.
From: Bloomberg/BusinessWeek
By Dawn Kopecki
Separately, JPMorgan is becoming increasingly concerned about “malicious activity” by hackers seeking to disrupt its business, Dimon wrote yesterday. Executives across Wall Street and the U.S. have warned that costs are mounting as they seek to deflect attacks by foreign nations, organized crime or terrorists on websites including retail-banking portals.
“We must confess that this issue worries us,” Dimon wrote, adding that JPMorgan spends about $200 million on cyber defense and data safety. “This number will grow dramatically over the next three years.”
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