Bank of America More Than Doubles Cybersecurity Spending To Over $1B Per Year: CNBC

Bank of America Corp BAC has beefed up its cybersecurity spending to over $1 billion annually from $300 million to $400 million after eleven and a half years following multiple cyber hacks, CNBC reports.
Companies and governments have started ramping up their cybersecurity defenses.
President Joe Biden had recently prioritized cybersecurity funding following the Microsoft Corp’s MSFT Exchange email software, SolarWinds Corp SWI software, and Colonial Pipeline ransomware attacks colossal economic damages. The latest being the JBS SA attack.
The government is initiating to consider the attacks as a national security threat.
The FBI had compared the cyberattacks to the 9/11 attack.
Deputy national security advisor Anne Neuberger urged the corporate leaders to reinforce their technology defenses.
Price action: BAC shares traded lower by 1.19% at $41.36 on the last check Monday.