I prob think this is a harder problem than you do, while admitting that your opinion in particular is clearly enough to update on. (But I would feel very differently about this were it e.g. Stripe, a large company with consistently demonstrated & highly relevant tech competency.)
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This strikes me as akin to saying that a *physical* bank is doomed to get cut out of the market eventually if it leases rather than owns the property on which it stores its vaults, because storing paper notes is the whole business
But BoA is actually in the business of creating & marketing financial products, which requires securely storing bits. There may be good reasons for SpaceX to manufacture bolts, as rockets require bolts, but whether or not it makes sense to outsource bolt-making is a big question
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If BoAs primary business mode was to *simply secure bits* then they would have one if the strongest cyber offerings on the market, especially given the regulatory requirement to have one. It’s not. It’s a business requirement (and risk if non compliant) but their core is banking
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They probide financial services, totally agree, but the boring techhnicalities of how that’s implemented is not one of them. This is very much where I wade in and rant about how cyber is a business enabler. Which it is, but it doesn’t define BoA
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