JPMorgan CEO Jamie Dimon Warns Mythos AI Raises Cyber Risk Tenfold

JPMorgan Chase CEO Jamie Dimon has warned that advanced artificial intelligence systems are dramatically increasing cybersecurity risks for global banks, calling cyberattacks the financial giant’s biggest threat.

Speaking Tuesday at JPMorgan’s 14th annual Tech Summit in London, Dimon said the release of Anthropic’s powerful Mythos AI system had significantly intensified concerns he previously highlighted in his annual chairman’s letter.

“I said cyber is our biggest risk,” Dimon said, adding that the threat had increased “tenfold after Mythos.”

Dimon acknowledged AI’s potential to transform medicine, reduce traffic accidents and accelerate materials science. However, he warned that sophisticated AI agents can also create security vulnerabilities and give malicious actors more powerful tools.

Despite the risks, Dimon said JPMorgan is focused on strengthening defenses rather than becoming alarmed about AI’s potential existential dangers. He highlighted the newly created Alliance for Critical Infrastructure, a coalition of 50 companies across six major industries, including finance, technology, transportation and water, aimed at improving resilience against systemic threats.

Dimon also raised concerns about mounting sovereign debt and recent turmoil in global bond markets. He warned governments that borrowing and spending cannot continue indefinitely, pointing to U.S. government debt rising from roughly 50% to 100% of GDP.

As debt increases, markets could eventually demand higher returns, potentially pushing up corporate borrowing costs and putting pressure on private markets, he said.

Dimon argued that governments could boost economic growth without relying on additional fiscal spending. Improvements to permitting, education, regulation, immigration and climate policy could potentially lift U.S. and European growth by about one percentage point while helping reduce debt-to-GDP ratios.

On the AI infrastructure boom, Dimon advised technology companies to build data centers in communities that welcome them rather than fighting prolonged political and legal opposition.

Despite noting a slight slowdown in U.S. investment banking activity during September, Dimon remained optimistic about technology companies and innovation, saying many emerging businesses could develop products that benefit society for generations.