What Cyber Security Means for Banks
by Nicholas Pell
A half-billion dollars is some serious cash to say the least.
But that's what JP Morgan Chase is spending on cybersecurity this year alone, double what they spent last year. What's more, Bank of America announced that its cybersecurity budget is unlimited.
What exactly is all of this money going toward?
What a Half-Billion Means for JP Morgan Chase
JP Morgan Chase is just about the last place that can say no hacker will ever consider attacking them. All told, the financial services industry is subject to 300 times as many attacks as any other industry. They're one of the largest banks in the world, making them the golden goose of all cyberattack targets. As such, they can't just be adopting the latest and greatest in cybersecurity practices -- they have to be innovating them.
So what are they going to spend the money on?
First and foremost, JP Morgan Chase needs to attract top talent in the field. Top talent in financial services cybersecurity means they'll have to offer top dollar salaries. Once they have top talent, they're going to need the best equipment for conducting white hat versus black hat cybersecurity war games. The IT infrastructure to be monitored, updated and tested is nearly unprecedented and incomparable to anything else in the private sector.
Bank of America's Unlimited Budget
Bank of America's unlimited budget sends a strong message: There is no limit to what they are willing to spend to combat cybercriminals. As one of the world's leading banks, it's fitting that they would be an industry leader when it comes to combatting cybercriminals.
Make no mistake about it, what big companies like JP Morgan Chase and Bank of America spend on cybersecurity is going to trickle down to the small business and consumer level. We're all beneficiaries of the dollars that they spend, even those of us who don't do our banking with them. What they pioneer today will be a universal obstacle for hackers in the future, yielding a number of technologies and best practices at the enterprises' level and consumer-level security products.
In this sense, the massive budgets are more than just staggering figures. They're gratis services to anyone who uses the Internet.
- Building a Defensible Cyberspace
- Americans Careless With Online Passwords
- North Korea's Cyber Warfare Cell that Worries the West
- The Numbers Behind the WannaCry Attack
- Cyber Attacks Blame Game Grows Murkier
- Bitcoin & Its Murkier Rivals
- Android Most Vulnerable Operating System
- What if the U.S. Dismantled China's Internet Firewall?
- When Hackers Call, Hang Up
- Cyber Street Smarts: Stay Safe in the Social Space
- What Cyber Security Means for Banks
- Fingerprint Security: Not as Secure as You Think
- Are SS7 Exploitation Platforms Tracking You?
- Political Campaigns May Put Your Personal Data at Risk
- Protect Your Business from Hackers Without Breaking the Bank
- Your Guide to Tumblr Security
- Social Networking Security Scams
- 5 Things Putting You at Risk of Identity Theft
- Do Your Kids Put Your Computer At Risk?
- Shopping Personalization: Awesome or Risky?
- 10 Signs that an Online Shopping Site is Secure
- Big Brother is Cashing In on You
- The Mobile App Security Mantra: Don't Trust, But Verify
- Anonymity, Privacy, and Security Online
- Security Issues for Multicore Processors
- Report Highlights Economic Threat of Hacking
- The Cyber Menace
- Cyber Threats: Establishing the First Line of Defense
- Securing the Enterprise Better With Encryption Instructions
- Why Linux Needs Malware Protection
- China's Cyber 'Predators' Must Be Stopped