JPMorgan Chase & Co.'s CEO addressed the “increasingly complex and more dangerous” attacks the financial institution faces in his annual letter to shareholders yesterday.
Jamie Dimon wrote that the New York-based bank experiences attacks that attempt to take over internal systems to gain access to data, as well as coordinated efforts from third-party systems. To combat these efforts, the bank will have spent more than $250 million annually by the end of the year.
In addition to detailing security threats, Dimon expanded upon plans to implement EMV chips and tokenization for credit and debit cards. He also mentioned the construction of new Cybersecurity Operations Centers.
Dimon didn't discuss the company's December breach that affected more than 400,000 individuals' personal information.