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Bank of America CTO: Cyberattacks on banks “surged” during pandemic

May 5, 2021

The bank’s global information-security unit spends the majority of this budget on staff and technology.

Bessant added in a briefing on Monday, as reported by American Banker, that cyberattacks have surged “dramatically” during the pandemic.

“Criminals are by definition very crafty, very entrepreneurial – and times of stress produce opportunities,” says Bessant. “There’s no question that the rate and pace of attacks, and the nature of attacks, has grown dramatically.”

The bank is, as a result, constantly on guard against an “Armageddon scenario”, according to its technology chief.

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