CY­BER­SE­CU­RITY SPEND­ING FOR FIRMS JUMPS 15%

National Post (National Edition) - - FINANCIAL POST -

Big banks and other fi­nan­cial firms are spend­ing 15 per cent more this year to de­fend com­puter net­works from cy­ber crim­i­nals, and the pan­demic and work-from-home ar­range­ments are prob­a­bly spurring fur­ther in­creases, a sur­vey found. Av­er­age spend­ing per em­ployee was bud­geted at US$2,691, up from US$2,337 in 2019, according to the poll con­ducted by Deloitte & Touche LLP and the Fi­nan­cial Ser­vices In­for­ma­tion Shar­ing and Anal­y­sis Cen­ter Some firms have bud­geted as much as US$3,322 per em­ployee for cy­ber­se­cu­rity, up from the US$3,000 max­i­mum last year. That would trans­late to about US$850 mil­lion an­nu­ally for JPMor­gan Chase & Co. and al­most US$900 mil­lion for Wells Fargo & Co., based on their June head count fig­ures.

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