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Best Practices

Chase Plans Enhanced Cybersecurity Efforts

April 17, 2014

In a letter to shareholders, JP Morgan Chase announced it is initiating efforts to increase its cybersecurity efforts.

The nation’s largest financial institution expects to spend more than $250 million this year on cyberdefense, with 1,000 employees assigned to the task, Chairman and CEO Jamie Dimon wrote in the letter. Chase also plans to build three cybersecurity operations centers at its regional headquarters.

"This effort will continue to grow exponentially over the years," Dimon said.

In comparison, Chase spent $200 million and dedicated 600 employees on efforts to minimize cybersecurity.

"We're making good progress on these and other efforts, but cyber-attacks are growing every day in strength and velocity across the globe," Dimon added in his letter. "It is going to be a continual and likely never-ending battle to stay ahead of it - and, unfortunately, not every battle will be won. Rest assured that we will stay vigilant and do what we need to do to enhance our defenses and protect our company."

The third pillar of ALTA’s ”Title Insurance and Settlement Company Best Practices” provides guidance on how to protect non-public personal information. The Best Practices Framework includes a set of Assessment Procedures that can be used by title professionals to help lenders decide if a service provider meets different pillars of the Best Practices. A Certification Package also is available and can be used by title professionals to warrant and attest to lenders that they have implemented ALTA’s Best Practices.



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