Last summer, J.P. Morgan Chase suffered a significant cyber breach of its corporate servers that affected approximately 76 million households. Very bad news and no longer an unprecedented event for a major financial institution. Then, two things happened the following fall that are very interesting when considered together:
- J.P. Morgan Chairman and CEO James Dimon told a panel discussion audience at the Institute of International Finance that his bank would double its cybersecurity spending over the following five years.
- PwC released its latest Global State of Information Security survey that noted that spending on information security fell four percent during a period in which cyber attacks against companies increased 48 percent.