An article in American Banker talks about the fight that all the banks are fighting right now.
JP Morgan Chase CEO Jamie Dimon Says the bank plans to double its $250 million annual computer security budget within the next five years.
I think Chase understands the problem; Dimon said “It’s about firewall protection, it’s about internal protection, it’s about vendor protection, it’s about everything that hooks up into you”.
Banks used to be fighting against kids in the basement. Now its about fighting nation states. That is a big difference.
Dimon also made one other comment that we need to consider – “There will be a lot of battles. Unfortunately, some of them will be lost.” That does not mean that shouldn’t fight the battle. It means the battle won’t be easy.