Bank of America spends more than a billion dollars a year on cybersecurity

Bank of America CEO Brian Moynihan said Monday that the company has increased its spending on cybersecurity to more than $ 1 billion a year.

“I became CEO 11 1/2 years ago, and we probably spent between $ 3 million and $ 400 million [per year] and now we have over a billion, “Moynihan said on CNBC’s” Squawk Box. “

“The institutions around us, other institutions and my peers, spend equal amounts and our contracting parties spend equal amounts,” he added. “In other words, we make spending on third parties that provide services to us protect us in the same way. So a lot of money is being spent on this, and I think one of the things our industry has done a great job on is working together. “

A series of devastating cyberattacks have affected private companies and federal government networks over the past year. Two of the most recent were at Colonial Pipeline, the nation’s largest fuel pipeline operator, and JBS, the world’s largest meatpacking company.

This has led companies and governments to reassess and modernize their cybersecurity defenses, as these attacks have become a source of economic damage. Last month, President Joe Biden signed an executive order aimed at strengthening US cybersecurity defenses. According to NBC News, the Biden administration is moving to treat ransomware attacks as a national security threat.

However, it is also up to the private sector to do its part. Anne Neuberger, deputy national security adviser, called on corporate leaders in an open letter earlier this month to strengthen their technology defenses.

“The private sector also has a critical responsibility to protect itself against these threats,” Neuberger wrote.

In the comprehensive interview, Moynihan also said that consumers spend more freely as the economy continues to open up. He added that 60,000 employees in the United States have informed the bank of their Covid-19 vaccination status and are beginning to return to the offices.

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