• Bank of America Corp (NYSE: BAC) has beefed up its cybersecurity spending to over $1 billion annually from $300 million to $400 million after eleven and a half years following multiple cyber hacks, CNBC reports.

• Companies and governments have started ramping up their cybersecurity defenses.

• President Joe Biden had recently prioritized cybersecurity funding following the Microsoft Corp’s (NASDAQ: MSFT) Exchange email software, SolarWinds Corp (NYSE: SWI) software, and Colonial Pipeline ransomware attacks colossal economic damages. The latest being the JBS SA attack.

• The government is initiating to consider the attacks as a national security threat.

• The FBI had compared the cyberattacks to the 9/11 attack.

• Deputy national security advisor Anne Neuberger urged the corporate leaders to reinforce their technology defenses.

• Price action: BAC shares traded lower by 1.19% at $41.36 on the last check Monday.

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