1. Why is cybersecurity becoming such a major issue for financial institutions? When cybercriminals hacked financial giant JPMorgan Chase and stole information from 76 million households, the vulnerabilities of financial institutions to cybercrime became all too clear. Hacking into a major financial institution not only endangers the sensitive financial information of millions of customers, it could also place the entire financial system in jeopardy. For this reason, the government is considering legislation that would increase the cyberstandards adopted by the nation’s big banks.