Financial institutions plan to spend billions more on security in coming years

November 19, 2014

Financial service companies plan to increase their cybersecurity budgets by about $2 billion over the next two years, according to a PricewaterhouseCoopers survey.

The survey asked 758 banks, insurers, money managers and other companies about their spending plans and found that this year, they spent $4.1 billion on protecting networks and other cybersecurity efforts.

The surveyed companies then said that in the coming years, their spending would likely rise 10 to 20 percent annually, which could result in up to $2.6 billion in additional spending by 2016.

The Wall Street Journal obtained a preview of the study, which will be released in full on Monday. 

These findings follow a flurry of data breaches, affecting both retailers and financial institutions. In October, JPMorgan Chase acknowledged that 76 million accounts were impacted in its recent breach.

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