Bank of America spends over USD 1 bln a year on cybersecurity

Monday 21 June 2021 10:47 CET | News

Bank of America has announced it is spending over USD 1 billion a year on cybersecurity.

The company’s centralised global information-security unit has boosted spending in recent years to more than USD 1 billion annually. This amount is allocated to staff and technology to bolster cyber defences.

Bank of America is devoting more resources to fighting cyberattacks after seeing a jump in threats amid the pandemic. The lender is assessing threats from individuals, groups, and governments, and is also scanning the horizon to protect itself against an ‘Armageddon scenario’.

Banks, brokers, insurers, and other finance companies have ramped up spending on cybersecurity for at least four years as services move online and attacks escalate.

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Keywords: Bank of America, banks, central bank, cybersecurity, fraud prevention
Categories: Fraud & Financial Crime
Countries: United States
This article is part of category

Fraud & Financial Crime

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