3 —Bank of America is spending over $1 billion per year on cyber security.
According to Bank of America’s CEO Brian Moynihan, cybersecurity spending has been elevated to more than $1 billion a year. When Moynihan became CEO over 11 years ago, cybersecurity spending was between $300-$400 million per year. With major cyberattacks crippling both federal government organizations as well as private businesses and companies over the last year, governments and firms have been forced to update and analyze their current defenses for cybersecurity.
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