Prior to the pandemic, financial institutions spent an average $2,700 on cybersecurity per full-time employee, up from $2,300 the previous year ), with COVID-19 now driving the need for companies to doubledown on cybersecurity going forward, according to a study from Deloitte’s cyber risk ad strategic risk services group in conjunction with the Financial Services Information Sharing and Analysis Center (FS-ISAC).

The allocation represents more than a tenth of organizations’ IT budgets, increasing slightly to 10.9 percent, up from 10.1 percent, according to data that was collected from 53 institutions late last year through January.

The third annual report from Deloitte and FS-ISAC also found that more than half of the spending went collectively to cyber monitoring and operations, endpoint and network security, and identity and access management.

COVID-19 has resulted in vast challenges for the financial sector’s cybersecurity challenges, the study noted.

“Looking ahead, given the tough macroeconomic conditions arising from the COVID-19 pandemic, many companies will likely be taking a hard look at whether they need to cut expenses across the board,”…

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