JPMorgan Chase CEO Jamie Dimon says existing laws are not enough to protect the U.S. and global financial system from security breaches.
Cybersecurity “is a critical issue, not just for financial companies but also for utilities, technology companies, electrical grids and others,” Dimon said in an annual letter to shareholders released Thursday. “It is an arms race, and we need to do whatever we can to protect the United States of America.”
Calling cyber law in the U.S. “inadequate,” the head of the nation’s biggest bank called for changes that would allow Chase and other financial institutions “to work even closer with our government in real time to properly protect the financial system.”
The problem is also an opportunity for Chase and others. “Data privacy and security should be a way in which we and other businesses compete to serve customers,” wrote Dimon, who addressed many issues in his 46-page letter.
Dimon’s call to action comes a day after Facebook revealed thatthe largest example in a slew of entities — including and — dealing with security breaches and compromised data.