… start providing this same service, and lenders will be all onboard cos it will turn out to speed up the process and somehow be cheaper and leave a digital trail or whatever. Can't stop "progress." On the other hand, now the financial big dogs are crying about cybersecurity risks, according to this article. What's the difference? Because I am a digital dummy, don't ask me. But somehow this article on Yahoo today seems connected to all this remote notarization stuff. When Dimon talks about how protecting consumer date is so so so important I gotta laugh. We all know how unimportant consumer data will be when everybody has their fingers in digital ID verification and loan documents. Here goes:
Jamie Dimon: Cybersecurity threats may be the 'biggest threat to the U.S. financial system'
Julia La Roche Yahoo 4 hours ago
JPMorgan Chase CEO Jamie Dimon has singled out cybersecurity as the “biggest threat” to the financial services industry.
In his widely read annual letter, Dimon noted that JPMorgan Chase spends nearly $600 million each year on cybersecurity and employs 3,000 people dedicated toward these efforts.
Dimon isn’t alone with his concerns. Cybersecurity poses a threat to critical infrastructure and the economy, playing a large role in everything from transportation to financial services.
“Indirectly, we also spend a lot of time and effort trying to protect our company in different ways as part of the ordinary course of running the business,” Dimon wrote. “But the financial system is interconnected, and adversaries are smart and relentless – so we must continue to be vigilant.”
“The good news is that the industry (plus many other industries), along with the full power of the federal government, is increasingly being mobilized to combat this threat,” he added.
Jamie Dimon, CEO of JPMorgan Chase speaks to the Economic Club of New York in the Manhattan borough of New York City, New York, U.S., January 16, 2019. REUTERS/Carlo Allegri
Goldman Sachs’s CEO David Solomon recently told Yahoo Finance that cybersecurity is among the top risks he sees in the world. Like Dimon, Solomon emphasized the importance of coordination between companies and government.
Data privacy is important
Elsewhere, Dimon noted that the issues around privacy are “real” and that the bank is constantly working to protect customer data.
“New laws in Europe stipulate that consumers should be able to see what data companies have on file about them and to correct or delete this information if they choose. These are the right principles, but they are very complex to execute,” Dimon writes.
He went on to call for thoughtful policies in the U.S. when it comes to protecting data.
“It is imperative that the U.S. government thoughtfully design policies to protect its consumers and that these policies be national versus state-specific,” he said. “Different state laws around privacy rules would create a virtually impossible legal, compliance and regulatory-monitoring situation.”
Dimon only confirms what Janet just posted that "today's technology is not up to the task."
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