Banks Cybersecurity Spend
Delivered July 11, 2019. Contributor: Emmanuel A.
To understand the amount banks are spending on cybersecurity in order to make an appropriate sales pitch to investors and other banks.
As we dove into background research into the amount an average bank spends on cybersecurity each year, we gained the following insights:
Banks and other financial service firms spend between
per full-time employee annually on cybersecurity service. according to a study by Deloitte.
Banks spend between
0.2% and 0.9%
of their revenue on cybersecurity annually.
Banks in the US spend between
6% and 14%
of their annual IT budget on cybersecurity annually.
In 2018, JP Morgan Chase and HSBC spent about
each on cybersecurity, while Citigroup and Bank of America spent about
Wells Fargo spends about
$250 million annually
In general, Gartner estimate that the average annual security spending per employee increased from $
584 in 2012 to $1,178
in 2018, with banks spending the most.
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