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Bank of America Tech Chief Says Cyber Attacks Have Surged ‘Dramatically’

Cathy Bessant, chief operations and technology officer at Bank of America Corp.

Cathy Bessant, chief operations and technology officer at Bank of America Corp.

Photographer: Wes Bruer/Bloomberg

Bank of America Corp. is devoting more resources to fighting cyberattacks after seeing a jump in threats amid the pandemic.

The company’s centralized global information-security unit has boosted spending in recent years to about $1 billion annually, according to chief operations and technology officer Cathy Bessant. That’s mostly allocated to staff and technology to bolster cyber defenses. The lender is constantly assessing threats from individuals, groups and governments, and is also scanning the horizon to protect itself against an “Armageddon scenario,” she said.