Q: In an ever-evolving technology landscape, how can we stay ahead of the curve in combatting cyberthreats?
Dimon: Cybersecurity is a really big deal — we’ve been focused on it for years. Our country is vulnerable. This is a critical issue, not just for financial companies but also for utilities, technology companies, electrical grids and others. We need to work even more closely with the U.S. government to protect the financial system and our critical infrastructure. Closer partnership with the government requires better collaboration among government agencies for clearer laws and policies. It will also require increased resource commitments. We need to have better international cyber laws (and include them in trade agreements) like we do in maritime and aviation laws. Countries should know what they are responsible for — and what redress companies or countries have — when either a bad state actor or criminals in a state cause extreme problems.
Q: How does cybersecurity (or lack thereof) affect innovation and emerging technologies?
Dimon: We have to be better, smarter and faster than our adversaries. It takes a tremendous amount of time, energy and resources to keep up. While we may be innovating in how we combat cyber threats and protect ourselves, there are costs associated with the commitment. We don’t have a choice.
Q: You’ve said you believe cyber security may be the biggest threat to the U.S. financial system. What’s your biggest cyber concern for the future and how are you addressing it?
Dimon: JPMorgan alone spends nearly $600 million a year on these efforts and has more than 3,000 employees deployed to this mission in some ways. Attacks are increasing in number and sophistication, and pose a substantial risk to the financial sector. There is meaningful cyber threat sharing, cyber event planning and cooperation between the major financials to lower and prevent attacks. However, we need to do even more to stay ahead.
Q: What investments are needed to better protect Americans’ digital identities?
Dimon: It is an arms race, and we need to do whatever we can to protect the United States of America. The good news is that many industries, along with the full power of the federal government, is increasingly being mobilized to combat this threat.