Bank of America to buy UK’s MDSec Consulting to bolster cyber defenses

July 30 (Reuters) – Bank of America said on Thursday it plans to acquire information security firm MDSec Consulting Ltd, as it bolsters its capabilities against cyber attacks. The deal is expected to be completed during the fourth quarter of 2026 following regulatory approval, the second-biggest U.S. lender said in a statement. No deal value was disclosed.

Companies worldwide are grappling with a surge in AI-driven cyberattacks and ransomware that steal sensitive data and disrupt operations. MDSec, headquartered in Macclesfield, England, has about 65 cybersecurity professionals and provides security-related consultancy services, the bank said. Bank of America already has a significant presence in the North of England, with over 1,400 employees based nearby in Chester. One of the bank’s cyber threat operations centers is also in Chester. The White House said earlier this month it was launching a coordination group bringing together AI developers and critical infrastructure operators to share information on cybersecurity vulnerabilities identified by advanced AI systems and coordinate responses.

(Reporting by Saeed Azhar in New York; Editing by Sahal Muhammed)