Financial Sector Cybersecurity Spending Up 15% in 2020

Banks and other financial service-related businesses are spending 15% more this year to defend against cybercrime.  The pandemic and remote working are influencing this change in spending, and the number will keep increasing, a survey found.

The average spending per employee in 2019 was $2,337. That number has increased to $2,691 per employee in 2020. For example, a company like Wells Fargo with thousands of employees is paying $850 million annually on cybersecurity. This change is due to the increased need for effective cybersecurity that can defend against cyberthreats no matter where the employee is located. The financial services industry on average pays the most per cyberattack than any other industry.

The financial services industry takes in the highest cost from cybercrime at an average of $18.3 million per company surveyed. (Accenture)

Since the financial sector is one of the most targeted it makes sense that overall cybersecurity spending has only increased in the last 5 years. The sector has also been the most targeted sector in the last few years as well.

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