After witnessing the surge of cyberattacks, Bank of American Corp. has provided more resources to combat cyberattacks. The firm’s centralized global information- security unit has spent too much in the recent years, as per the information given by Cathy Bessant, chief operations and technology officer.
“Criminals are by definition very crafty, very entrepreneurial -- and times of stress produce opportunities,” Bessant told journalists during a virtual briefing Monday. “There’s no question that the rate and pace of attacks, and the nature of attacks, has grown dramatically.”
Broker, insurers, banks and finance firms have shelled out money in the last four years as services shift to online and attacks are seen elevating. Cyber spending jumped 15% in 2020, according to a Deloitte & Touche LLP survey. That equates to almost $1 billion for each of the largest U.S. banks.
The pandemic has forced companies to strengthen defenses as staff worked from home and as more customers embraced online products and services. Around 64% of finance executives expect cybersecurity budgets to keep escalating, a separate Deloitte survey showed.