JP Morgan’s Jamie Dimon says cyber will be biggest risk to the financial system

Banks may be in sound condition post-Lehman Brothers, however the financial system could crack again if hit that has a devastating cyber attack, J.P. Morgan Chief Executive Jamie Dimon warned on Thursday.

“I think the biggest vulnerability will be cyber, just for about everybody” he told CNBC’s Indian affiliate CNBC TV-18 on Thursday. “I think we have to focus on the item, the United States government has to focus on the item.”

“We have to make sure because cyber — terrorist in addition to cyber countries — they could cause real damage. We’re already spending a lot of money in addition to J.P. Morgan will be secure however we should genuinely worry about which,” Dimon told CNBC-TV18’s Shereen Bhan in brand new Delhi.

Dimon put inflation running too hot as his second biggest concern, warning the reactionary raising of interest rates by the U.S. Federal Reserve could be the cause of a “traditional” recession.

Industry experts have placed increasing importance on the threat of cyber warfare as attacks become more sophisticated.

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