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U.S. Financial Firms to Further Increase Cybersecurity Spending

  • Thales survey finds 84% are planning to boost their investment
  • Some big banks spend $1 billion annually on cybersecurity
Inside A Cyber-Defense Class At Korea University As South Korea Trains Student Hackers To Fight Kim Jong Un's Cyber Elite

Photographer: SeongJoon Cho/Bloomberg

U.S. banks and other financial firms are projecting higher spending on cybersecurity as they face bigger threats and more attacks.

In a survey of 100 senior security officers, 84 percent said their firms are planning to spend more this year on cybersecurity, up from 78 percent a year ago, data-security provider Thales eSecurity said in a report to be released Tuesday. About 36 percent of companies said they experienced an intrusion in 2018, up from 24 percent in last year’s survey.