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Financial Sector Cybersecurity Spending Up 15% in 2020

September 3, 2020/in Financial Services Industry Cybersecurity /by 0stRa

Banks and other financial service-related businesses are spending 15% more this year to defend against cybercrime.  The pandemic and remote working are influencing this change in spending, and the number will keep increasing, a survey found.

The average spending per employee in 2019 was $2,337. That number has increased to $2,691 per employee in 2020. For example, a company like Wells Fargo with thousands of employees is paying $850 million annually on cybersecurity. This change is due to the increased need for effective cybersecurity that can defend against cyberthreats no matter where the employee is located. The financial services industry on average pays the most per cyberattack than any other industry.

The financial services industry takes in the highest cost from cybercrime at an average of $18.3 million per company surveyed. (Accenture)

Since the financial sector is one of the most targeted it makes sense that overall cybersecurity spending has only increased in the last 5 years. The sector has also been the most targeted sector in the last few years as well.

Improve your cybersecurity without breaking the bank

With cybersecurity spending only going to increase nationally in the next years, it is important for your business to keep systems up-to-date and secure. Ostra is a software solution that knits together the top security solutions in the industry. We leverage known platforms such as FireEye and Palo Alto, to create a sphere of protection for your business and employees, no matter where they are located or what machine they are on.

Comprehensive cybersecurity made simple & affordable.

Want to find out more? Visit Ostra.net or contact us today at protection@ostra.net

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