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Financial Firms’ Cybersecurity Spending Jumps 15%, Survey Finds

  • Average spending per employee rose to $2,691 this year
  • Pandemic is probably spurring more increases at finance firms
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Photographer: John Taggart/Bloomberg

Big banks and other financial firms are spending 15% 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 $2,691, up from $2,337 in 2019, according to the poll conducted by Deloitte & Touche LLP and the Financial Services Information Sharing and Analysis Center, an industry group known as FS-ISAC. Some firms have budgeted as much as $3,322 per employee for cybersecurity, up from the $3,000 maximum last year.