BofA Tech Chief Says Cyber Attacks Have Surged ‘Dramatically’

Bank of America Corp. is devoting more resources to fighting cyberattacks after seeing a jump in threats amid the pandemic.

The company’s centralized global information-security unit has boosted spending in recent years to about $1 billion annually, according to chief operations and technology officer Cathy Bessant. That’s mostly allocated to staff and technology to bolster cyber defenses. The lender is constantly assessing threats from individuals, groups and governments, and is also scanning the horizon to protect itself against an “Armageddon scenario,” she said.

“Criminals are by definition very crafty, very entrepreneurial -- and times of stress produce opportunities,” Bessant ...