Skip to main content

Dimon Cites Cybersecurity as “Biggest Threat” to Financial Services

Phil Hall
Apr 05, 2019
Photo credit: Getty Images/ChakisAtelier

JPMorgan Chase CEO Jamie Dimon has warned the financial services industry that the greatest challenge it faces today comes in the cybersecurity realm.
In his annual letter to shareholders, Dimon acknowledged that his company spends approximately $600 million annually and employs 3,000 people on cybersecurity measures.
“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,” Dimon stated. “But the financial system is interconnected, and adversaries are smart and relentless–so we must continue to be vigilant.”
While Dimon noted that the industry and the federal government have been proactive in addressing cybersecurity, he urged the federal government to be cognizant of the need for a national standard on data security issues.
“It is imperative that the U.S. government thoughtfully design policies to protect its consumers and that these policies be national versus state-specific,” he said. “Different state laws around privacy rules would create a virtually impossible legal, compliance and regulatory-monitoring situation.”
Dimon also added a political element to his warning with a barely-veiled reference to Russian hacking operations during the 2016 election.
“But maybe the most crucial privacy issue of all relates to protecting our democracy,” he continued. “Our First Amendment rights do not extend to foreign governments, entities or individuals. The openness of the internet means that trolls, foreign governments and others are aggressively using social media and other platforms to confuse and distort information. They should not be allowed to secretly or dishonestly advertise or even promote ideas on media and social networks. We believe there are ways to address this, and we will be talking more about this issue in the future.”
On the mortgage front, Dimon highlighted the recent introduction Chase MyHome, a digital mortgage fulfillment process that prefills applications for existing customers. “It’s 20 percent faster than our paper-based process, allowing us to close a mortgage within three weeks,” he added. “Our confidence in our enhanced approach is reflected in our money-back guarantee.”

Apr 05, 2019
More from
SimpleNexus Taps DocMagic To Help Enable Fully Digital Closings

SimpleNexus announced the integration of its Nexus Closing eMortgage solution with DocMagic’s eVault and eNote technologies.

Sep 24, 2021
E-Closing Technology: Norcom Mortgage’s Implementation Lessons

Norcom Mortgage outlines its implementation lessons learned as the company transitioned to its digital experience.

Sep 17, 2021
New York Community Bank Creates Groundbreaking Digital Payment Process

Now Figure Technologies Inc. can conduct real-time secondary trading in digital shares of its stock by utilizing Figure’s alternative trading system (ATS) that operates on Provenance Blockchain.

Sep 14, 2021
NAMB Partners With Dell Technologies

Offers Discounts To Members To Help With Technology Upgrades

Sep 13, 2021
Notarize And Snapdocs Announce Partnership

Notarize and Snapdocs, Inc. entered a partnership in which brings two digital closing companies together in hopes to further streamline the closing process.

Sep 09, 2021
Hold The Phone: Agile Formally Launches Platform For TBA MBS Quotes

Trade Auction Manager Allows Small to Mid-Size Broker Dealers To Quote Digitally

Sep 09, 2021