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JPMorgan to hike cybersecurity spent

J.P. Morgan Chase plans to increase spending on cybersecurity in the coming years. The bank said its annual cybersecurity budget is expected to nearly double this year. That would bring this year’s spending figure to about $500 million, up from $250 million in 2014. J.P. Morgan also expects its cybersecurity spending to remain at around $500 million in 2016. The firm suffered a cyberattack last summer that involved the theft of contact information for about 76 million households. The bank’s CEO James Dimon had said in October that the bank would double spending on cybersecurity over the next five years. The bank said in its quarterly filing that it continues to work on strengthening its partnerships with government and law enforcement agencies in addition to third-party service providers.

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