Banks and their venture arms increasingly are backing cybersecurity startups, investing in everything from threat intelligence to data security firms, according to a new CB Insights report.

In 2018, select financial firms including JPMorgan Chase, Goldman Sachs and Citigroup and its VC arm Citi Ventures, participated in a record-high 13 deals with cybersecurity startups. Those deals were worth a total of $349 million, although this was down considerably from $438 million in 2017, when there were 12 deals.

The analysis also included investments from American Express, BNP Paribas, Barclays, Capital One, Deutsche Bank, Nationwide Building Society and HSBC. Together, these firms participated in 40 deals with 30 cybersecurity startups, totaling $1.34 billion invested between 2014 and 2018.

Arvind Purushotham, Managing Director & Global Head of Venture Investing for Citi Ventures, previously told Bank Innovation that cybersecurity was one of the five main areas his investment team focuses on, among other priorities like data analytics/machine learning and customer experience technologies.

Also see: Citi Venture Investing Head: ‘Financial Services is Becoming More Like Tech’