US Financial Firms To Further Increase Cybersecurity Spending

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

In a survey of 100 senior security officers, 84 percent of them said their firms are planning to spend more amount this year on cybersecurity.

Some largest U.S. banks are already boosted cybersecurity spending almost $1 billion a year following high-profile attacks at companies such as Equifax Inc.

Some of the spendings might not be on target. The vast majority of financial firms are still spending too much on defending personal computers despite awareness that’s the least effective strategy, the Thales survey found. More attention should be paid to network security, said Andy Kicklighter, director of product marketing at the firm.

“The emphasis needs to shift to protecting data,” he said in a phone interview. “Companies are afraid that data protection will disrupt their business, but that’s a concern of yesterday. There are a multitude of solutions today that won’t disrupt or slow down regular business while protecting the data.”

Financial firms are preparing for the coming year cybersecurity battle. So other sectors should prepare for this also.

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