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The consultancy firm has announced plans to enhance its cyber security offering through the acquisition of a local firm.
Ernst & Young Australia (EY) has entered into an agreement to acquire Victoria-based cyber security consultancy company SecureWorx.
The acquisition, scheduled to be completed on 1 September 2021 subject to regulatory approval, is aimed at bolstering EY’s sovereign cyber position in response to the introduction of new mandatory requirements under the Security Legislation Amendment (Critical Infrastructure) Bill 2020.
SecureWorx’s offering includes multi-cloud services, managed security operations and security advisory services, managed onshore with government cleared personnel and certified facilities.
As part of the acquisition, Philip Mulley, CEO at SecureWorx, will join EY Australia as sovereign cybersecurity leader.
“The latest updates to the Security of Critical Infrastructure Act outline new requirements that will require significant investment for onshore cyber capabilities to detect and combat threats,” Richard Bergman, EY Oceania cybersecurity lead partner said.
“Threat volumes are rapidly increasing and now costing the Australian economy $29 billion per annum, according to recent Microsoft reports.
“SecureWorx has a set of cybersecurity assets that complement EY Australia’s existing cybersecurity team and capabilities including government accredited hosting facilities in Melbourne and Canberra and an accredited security operations centre in Melbourne.”
Bergman added that SecureWorx would complement and extend EY’s existing cyber security capabilities, following on from previous questions of Aleron and Open Windows.
Philip Mulley from SecureWorx welcomed the acquisition, noting the new opportunities available for the company.
“For our people it provides exciting career development opportunities through industry focus, technology career paths and global reach and mobility,” Mulley said.
“The EY Australia Cyber team is a natural, cultural fit for us.”
David Larocca, EY Australia CEO and regional managing partner (Oceania), said the deal comes amid a heightened awareness of the importance of cyber resilience.
“Cyber security is a critical business function that has moved beyond our clients’ technology agenda. This is because we’re seeing a dramatic escalation in the frequency and impact of ransomware attacks that are changing the way boards are accountable to stakeholders,” he said.
“Our clients are telling us that cyber security is one of their greatest concerns. It is now high on the agenda at board, C-suite and government leadership meetings.
He concluded: “We look forward to welcoming SecureWorx to EY Australia and to provide these enhanced services to our clients.”
News Editor – Defence and Security, Momentum Media
Prior to joining the defence and aerospace team in 2020, Charbel was news editor of The Adviser and Mortgage Business, where he covered developments in the banking and financial services sector for three years. Charbel has a keen interest in geopolitics and international relations, graduating from the University of Notre Dame with a double major in politics and journalism. Charbel has also completed internships with The Australian Department of Communications and the Arts and public relations agency Fifty Acres
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