Bank of America CEO says cybersecurity spending reaches $1 billion

Bank of America CEO says cybersecurity spending reaches $1 billion

In this blog, we curate relevant and remarkable content related to digital banking, fintech and high-performance banking leaders. This piece by CNBC reports that Bank of America has ramped its cybersecurity spending to over $1 billion a year. Read on.

Bank of America CEO Brian Moynihan said Monday that the company has ramped its cybersecurity spending to over $1 billion a year.

“I became CEO 11 and a half years ago, and we probably spent three to $400 million [per year] and we’re up over a billion now,” Moynihan said on CNBC’s “Squawk Box.

“The institutions around us, other institutions and my peers, spend like amounts, and our contracting parties spend like amounts,” he added. “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.”

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