JPMorgan’s Dimon Says Cyber Intruders Could Breach Bank Defenses

JPMorgan Chase & Co. is facing “increasingly complex and more dangerous” cyberattacks and some of the intruders may get through, Chief Executive Officer Jamie Dimon said.

“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,” Dimon wrote today in his annual letter to shareholders of the New York-based bank. The company will boost spending on cybersecurity to $250 million this year from $200 million in 2012, with future efforts expanding “exponentially,” he wrote.