Moody’s finds banks increase cyber defense investments in response to growing threats

Banks are allocating more of their budgets to funding cybersecurity initiatives and workforce development amid growing cyber threats, according to a report from Moody’s Ratings exploring how the financial sector mitigates risk.

“Our survey shows a growing share of banks globally allocate more than 10% of their technology budgets to cybersecurity. About half of our survey respondents globally plan to increase cybersecurity staff in the next year,” the ratings firm says in a Sept. 25 report.

The report says,...