Bank of America tech chief says cyberattacks have surged ‘dramatically’

Bank of America Corp’s centralised global information-security unit has boosted spending in recent years to about US$1bil (RM4.11bil) annually, according to Bessant. — Bloomberg

Bank of America Corp is devoting more resources to fighting cyberattacks after seeing a jump in threats amid the pandemic.

The company’s centralised global information-security unit has boosted spending in recent years to about US$1bil (RM4.11bil) annually, according to chief operations and technology officer Cathy Bessant. That’s mostly allocated to staff and technology to bolster cyber defenses. The lender is constantly assessing threats from individuals, groups and governments, and is also scanning the horizon to protect itself against an “Armageddon scenario”, she said.