Jamie Dimon’s worst fears for the banking industry realized with Capital One data hack

Move over Equifax..

  • At just the two biggest U.S. banks — J.P. Morgan Chase and Bank of America — cybersecurity budgets have swollen to a combined $1.4 billion a year.
  • The industry has been employing everything from low-tech reminders about passwords posted in offices to sophisticated data analytics and risk-management programs to stay ahead of criminals.
  • “The threat of cyber security may very well be the biggest threat to the U.S. financial system,” Dimon said in an April letter to shareholders.

It’s among the worst fears of any bank CEO.

A lone hacker managed to steal the personal information of more than 100 million Capital One customers, the Virginia-based bank said Monday in a release. Most of what was taken related to customers’ credit-card applications from 2005 to early 2019, including names, addresses, dates of birth and income, the lender said.

Read on.

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