Cybersecurity
Banks See Billion-Dollar Cyber Costs Soaring Even Higher in 2021
- Cybersecurity tops list of expected budget increases in survey
- Pandemic fuels costs as industry works at home, shifts online
Photographer: Thomas Trutschel/Photothek/Getty Images
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Big banks and other financial firms predict the cost of warding off cyber criminals will keep climbing in 2021 as they work to secure digital financial services popularized by the pandemic.
Cybersecurity topped the list of expected budget increases in a survey of technology spending conducted by Deloitte & Touche LLP, with 64% of executives at financial firms around the globe forecasting a rise. Part of the survey results was made available to Bloomberg News in advance of the December release.