Benzinga | Jun 14, 2021 04:10PM EDT

Bank of America More Than Doubles Cybersecurity Spending To Over $1B Per Year: CNBC

* Bank of America Corp (NYSE:BAC) has beefed up its cybersecurity spending to over $1 billion annually from $300 million to $400 million after eleven and a half years following multiple cyber hacks, CNBC reports.

* Companies and governments have started ramping up their cybersecurity defenses.

* President Joe Biden had recently prioritized cybersecurity funding following the Microsoft Corp's (NASDAQ:MSFT) Exchange email software, SolarWinds Corp (NYSE:SWI) software, and Colonial Pipeline ransomware attacks colossal economic damages. The latest being the JBS SA attack.

* The government is initiating to consider the attacks as a national security threat.

* The FBI had compared the cyberattacks to the 9/11 attack.

* Deputy national security advisor Anne Neuberger urged the corporate leaders to reinforce their technology defenses.

* Price action: BAC shares traded lower by 1.19% at $41.36 on the last check Monday.