Firms Spend up to $3K per Employee on Cybersecurity

Banks and large financial firms report significant outlays when it comes to protecting their firms from cybercrime, according to Bloomberg. Data from a Deloitte survey of financial companies found: “respondents spent between US$1,300 to US$3,000 per full-time or equivalent employee (FTE) on cybersecurity, with an average of around US$2,300.” Bloomberg also reported that some of the largest banks tripled cyber-defense budgets in the last three to four years as cyberattacks surged -- the finance sector was the focus of 19 percent of all attacks monitored by IBM in 2018, Bloomberg reported.