As companies grow more connected, cyber attackers become more sophisticated. Deloitte’s David Wallis explains what this means for the role of the external auditor.
The technological barriers to launching cyber attacks are continually getting lower, and the sophistication of attacks is increasing. Although there hasn’t yet been a case where a major business has ceased to function, there have been high-profile cyber incidents. One of the most recent was the suspected February 2016 attack on the Bangladesh central bank resulting in a $101m (£71m) breach.
At the same time businesses are increasing their reliance on connected technology through the proliferation of cloud-based services, the use of social media or outsourcing arrangements.