JPMorgan Chase CEO Jamie Dimon has identified cyber threats as the biggest risk facing the private credit industry. In an interview with hosts of the Acquired podcast, Dimon expressed concerns about the growing threat of cyber attacks on financial institutions.
Dimon stated that JPMorgan Chase is well-equipped to handle cyber threats, spending $800 million a year on security measures and educating people on online safety. However, he warned that the protection offered by current systems may not be sufficient in the event of a major cyber attack, particularly if it involves hostile actors like China or Russia.
Dimon’s comments echo concerns raised by other industry experts, including Goldman Sachs’ chief financial officer Denis Coleman, who highlighted the elevated breadth of cyber risk globally. Phil Ferraro, JPMorgan Chase’s former global head of client cybersecurity education program, also warned that financial institutions are increasingly vulnerable to cyber attacks and need to stay vigilant to prevent them.
As the private credit industry continues to grow, concerns about cyber threats will only continue to rise, highlighting the need for increased investment in security measures and awareness campaigns.
Source: https://qz.com/jamie-dimon-biggest-risk-private-credit-cyber