Financial institutions spend an average of around $2,300 per full-time employee on cybersecurity annually, reveals a survey released by Deloitte and the Financial Services Information Sharing and Analysis Center (FS-ISAC).
According to the report, “Pursuing Cybersecurity Maturity at Financial Institutions,” respondents from banks, insurers, investment management firms and other financial services companies spend anywhere from six to 14 percent of their information technology budget on cybersecurity, averaging 10%.
This number translates to a range of around 0.2% to 0.9% of company revenue and — breaking it down even further — between $1,300 to $3,000 on cybersecurity per full-time or equivalent employee in the survey, which was fielded in the fall of 2018.
