JPMorgan's Dimon: Target breach is a wake-up call

http://apnews.excite.com/article/20140114/DABAP5TO0.html

Jan 14, 2:41 PM (ET)

By KEN SWEET

NEW YORK (AP) - More Target-sized security breaches will happen if banks and retail stores don't start working together to further protect customers' data, JPMorgan Chase CEO Jamie Dimon said Tuesday.

JPMorgan has replaced 2 million credit and debit cards as a result of the breach, said Dimon in his first public comments about the event. The bank has replaced nearly all the affected cards.

JPMorgan is the world's largest issuer of credit cards.

Dimon expects that cybercrimes such as the Target breach will become more common if retailers and banks do not work on security, he said.

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