U.S. Financial Firms to Further Increase Cybersecurity Spending


U.S. banks and other financial firms are projecting higher spending on cybersecurity as they face bigger threats and more attacks.

In a survey of 100 senior security officers, 84 percent said their firms are planning to spend more this year on cybersecurity, up from 78 percent a year ago, data-security provider Thales eSecurity said in a report to be released Tuesday. About 36 percent of companies said they experienced an intrusion in 2018, up from 24 percent in last year’s survey.

Some of the largest U.S. banks already have boosted cybersecurity spending to almost $1 billion a year following high-profile attacks at companies such as Equifax Inc. and Anthem Inc. Financial firms also have increased information-sharing and set up industrywide backup systems for cli

 

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Source: Bloomberg