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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