Making the Right Investment in Cybersecurity
In a January interview with Bloomberg, Brian Moynihan revealed that Bank of America Corp. has an unlimited budget for cybersecurity. "I go to bed every night feeling comfortable that group has all the money, because they never have to ask,” said the Bank of America chairman and chief executive officer. “You’ve got to be willing to do what it takes at this point.” The vast majority of banks can’t grant carte blanche to their organization’s information security team. Bank Director’s 2015 Risk Practices Survey found that most banks, at 60 percent, dedicated less than 1 percent of revenues to cybersecurity...
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