[ISN] JPMorgan CEO says more to be done on cyberattacks

http://www.northjersey.com/news/business/dimon-urges-cyberattack-strategy-1.1108945 THE ASSOCIATED PRESS OCTOBER 15, 2014 NEW YORK – JPMorgan Chase’s CEO Jamie Dimon says that more coordination between businesses and government is needed to combat the rising threat of cyberattacks. New York-based JPMorgan said earlier this month that a breach of its computer systems this summer compromised customer information pertaining to roughly 76 million households and 7 million small businesses. Among the customer data stolen were names, addresses, phone numbers and email addresses. A growing number of financial firms and major retailers have revealed their customers’ data have been stolen. Sears said Friday that a data breach at its Kmart stores that started last month may have compromised some customers’ credit and debit cards, and Target and Home Depot have also been the victims of cyberattacks. While Dimon said that the coordination among his bank, law enforcement agencies and other financial institutions has been good so far, it would likely need to improve as the threats escalate. Dimon said that JPMorgan had warned other banks about the attacks that it was experiencing to help them prevent breaches on their own systems. “Cyber is a big deal,” Dimon said on a call with reporters on Tuesday. “It’s going to be an ongoing battle, and unfortunately, battles will be lost.” […]




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