JPMorgan Chase Atty: Bank Will Spend $500M on Cyber Security

It turns that even the largest organizations harbor reservations about the strength of their cyber defense.

“JP Morgan is going to spend a half-billion dollars on security this year, and we still feel challenged,” Andy Cadel, general counsel, IP and data protection for JP Morgan Chase told a crowd of IT professionals assembled at conference earlier this week.

The estimate can be found in the bank’s quarterly statement filed this past August — although it did not disclose the dollar value of its spend, only that the bank expects in each of 2015 and 2016 to double the amount spent on cyber security in 2014. In its 2014 annual report, the company disclosed it spent $250 million to strengthen its cyber capabilities.

The comments came during the conference titled, “Future Ready: The Business of Tomorrow-Today,” and took place at Bloomberg LP headquarters in Manhattan. [Full disclosure: Bloomberg LP owns Bloomberg BNA, the parent company of Big Law Business; and BNA hosted the conference.] For the full article click here 

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