Jamie Dimon remarked AI is a double-edged sword: “it’s made it worse, it’s made it harder,” creating recent cyber vulnerabilities even as it may eventually strengthen defenses.

JPMorgan Chase is testing Mythos AI model from Anthropic, which Dimon mentioned shows “a lot more vulnerabilities need to be fixed.”

Despite heavy investment in cybersecurity, Dimon warned risks go beyond banks and include other financial parties, including exchanges, making cybersecurity a “full-time job.”

JPMorgan Chase CEO Jamie Dimon stated Tuesday that while artificial intelligence tools could eventually help companies defend themselves from cyberattacks, they are first making them more vulnerable.

Dimon noted that JPMorgan was testing Anthropic’s latest model — the Mythos preview published by the AI firm last week — as part of its broader effort to reap the benefits of AI while protecting against adverse actors wielding the same tech.

“AI’s made it worse, it’s made it harder,” Dimon told analysts on the bank’s earnings call Tuesday morning. “It does create additional vulnerabilities, and maybe down the road, better ways to strengthen yourself too.”

When asked by a reporter about Mythos, Dimon seemed to refer to Anthropic’s warning that the model had already found thousands of vulnerabilities in corporate software.

“I think you read exactly what is it,” Dimon remarked. “It shows a lot more vulnerabilities need to be fixed.”

The remarks reveal how artificial intelligence, a digital systems welcomed by corporations as a productivity boon, has also morphed into a serious threat by giving unfavorable actors fresh ways to hack into innovation systems. Last week, Treasury Secretary Scott Bessent summoned bank CEOs to a meeting to discuss the risks posed by Mythos.

JPMorgan, the world’s largest bank by economy cap, has for years invested heavily to stay ahead of threats, with dedicated teams and constant coordination with government agencies, Dimon noted.

“We spend a lot of capital. We’ve got top experts. We’re in constant contact with the government,” he stated. “It’s a full-time job, and we’re doing it all the time.”

‘Attack mode’

Still, the CEO warned that risks extend beyond any single institution, given the interconnected nature of the financial system.

“That doesn’t mean everything that banks rely on is that well protected,” Dimon mentioned. “Banks… are attached to exchanges and all these other things that create other layers of risk.”

JPMorgan Chief Financial Officer Jeremy Barnum stated the industry has long been aware that AI cuts both ways in cybersecurity.

“These tools can construct it easier to find vulnerabilities, but then also potentially be deployed by terrible actors in attack mode,” Barnum mentioned on the earnings call. Recent advances from Anthropic and others have simply intensified an existing trend, he remarked.

Dimon also mentioned that while advanced AI tools are significant, old-school cybersecurity practices remain essential. This also touches on aspects of investors.

“A lot of it is hygiene… how do you protect your data? How do you protect your networks, your routers, your hardware, changing your passcode?” he noted. “Doing all those things right dramatically reduces the risk.”

Goldman Sachs CEO David Solomon noted Monday during an earnings call that his bank was testing Mythos, though he declined to comment further.