We’ve seen more than a few companies fall victim to cyberattacks and ransomware over the past year. SolarWinds, Microsoft, Colonial Pipeline, and JBS USA are just a handful of the big names we’ve seen in the news. But we’d be surprised to see Bank of America’s name anytime soon, thanks to its impressive cybersecurity budget.
Bank of America CEO Brian Moynihan stated on CNBC’s “Squawk Box” Monday that the company now spends more than $1 billion per year on cybersecurity, up from $300 to $400 million per year when he first became CEO 11 years ago.
“The institutions around us, other institutions and my peers, spend like amounts, and our contracting parties spend like amounts. In other words, we cause spending in third parties that provide services to us to protect us in the same way. So there’s a lot of money being spend on this, and I think one of the things our industry has done a great job of is work together.”
Brian Moynihan/CNBC
As the federal government begins to invest more in cybersecurity to protect against these rising attacks, it’s encouraging to see private businesses spending more as well. With any hope, we’ll begin to see the rate of cyberattacks in the US fall.
