Boards are bolstering their expertise as they look to tackle one of the biggest business threats facing financial services firms: the risk of cyber-attacks. But experts warn that resilience needs to be hard-wired into the business itself.
J P Morgan Chase’s chief executive and chair Jamie Dimon has been touted as a potential US presidential candidate, but anyone scouring his annual letter to shareholders for evidence of political ambitions will have found the boss of one of the world’s biggest banks has more pressing concerns.
“[Poor] cybersecurity may very well be the biggest threat to the US financial system,” Dimon said in April. The company revealed in its most recent annual report that it spends around $600m a year on its efforts to protect its business and customers, and has more than 3,000 employees dedicated to cybersecurity.
Big banks are spending billio
For thoughtful journalism, expert insights on corporate governance and an extensive library of reports, guides and tools to help boards and directors navigate the complexities of their roles, subscribe to Board Agenda