Ecommerce & Logistics

Deloitte Plans to Invest $580 Million in Cyber Security

Image Source: wsj.com

Deloitte has planned to invest over $580 million in its cybersecurity to fend off increasingly malicious threats that put their information in danger. Deloitte suffered a cyber breach in 2017 that affected only a few of its clients but that breach pushed them to increase their budget almost twelve fold from the paltry $50 million it was before. The Big Four Accounting Firms in the world are taking similar steps to avoid client data theft.

Since the attack, Deloitte has introduced multi factor authentication for its employees that use the cloud based email system. This involves feeding in several key pieces of information that identify the individual beyond a shadow of a doubt.

The budget will further be used to install new monitoring devices and explore new techniques for threat detection as well as invest in new technologies to avoid future attacks. And of course the cyber security team will be increased substantially.

The company said it would hire 500 new staff for cyber security, the first of which was Rob Wainwright, a former executive director at Europol. He will be joining in June and deal with cyber crime and fraud.

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