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PwC Australia strengthened its cyber security capabilities following its acquisition of WebSecure Technologies Australia, a local IT security and risk management firm that specialises in implementing Privileged Access Management (PAM) solutions.
After signing an agreement to acquire WebSecure, PwC Australia has scaled its cyber offering with broader services to accelerate its managed service offerings for clients.
WebSecure aims to provide a complete end-to-end solution including licensing, implementation, maintenance and support, and ongoing operational managed services. The company is recognised as the longest serving and largest boutique Australian implementation partner of global security company CyberArk.
Responding to the fast-moving and continuously evolving cyber threat landscape is more important than ever before according to Corinne Best, PwC Australia partner and trust and risk business leader.
"Our clients need constant innovation and ingenuity to respond to critical cyber risks and our clients are telling us they prefer to source as many of these services as they can from a single service provider."
"The credentials of WebSecure as the longest serving and largest boutique implementation partner of global security company CyberArk are impressive."
"With the WebSecure integration, we will have access to more skills, expertise and innovation which will allow us to deliver greater value and insight to our clients,” Best said.
The demand for PAM services is set to rapidly increase. The Australian government recently announced that it will progress plans to mandate the Australian Signals Directorate (ASD) Essential Eight strategies for mitigating cyber security risk for all 98 non-corporate Commonwealth entities (NCEs) and PAM is one of those strategies.
There is also a chronic shortage of experienced CyberArk specialists and demand for PAM is increasing. According to Gartner, it is estimated that the global size of the PAM market will reach US$2.9 billion in 2024, which is a 50 per cent increase since 2018. Rather than building and growing this capability, PwC Australia decided to acquire it.
WebSecure has significant equity in the market and tapping into its goodwill will enable PwC Australia to enter the PAM sector as CyberArk’s number one partner. By leveraging WebSecure’s credentials, PwC Australia aims to rapidly grow its cyber security and digital trust practice to service priority clients and further grow its Skilled Service Hub in Adelaide.
The estimated number of CyberArk engineers with more than five years' experience across Australia is around 50 resources in total. PAM, and in particular CyberArk skills, are core to the cyber security growth strategy in Australia according to Mike Cerny, PwC Australia digital identity partner and cyber security and digital trust leader.
“We are excited about the opportunity to work alongside WebSecure, leveraging our talent acquisition capability to grow the practice as well as this much-needed skillset."
"The acquisition means PwC Australia will hold one of the largest shares of that market, providing the foundations for us to grow a new wave of CyberArk specialists."
"WebSecure also brings intellectual property and capabilities in CyberArk licensing, implementation and managed services which together with PwC will create the most comprehensive PAM capability in the Australian market,” Cerny added.
WebSecure owner Stewart Sim will join PwC Australia as a partner and will bring a team of specialised engineers to the firm.
The acquisition will see the WebSecure team integrated into PwC Australia’s cyber security and digital trust practice. From completion of the acquisition, WebSecure will become part of PwC Australia in late 2021 and its brand will integrate fully to PwC.
"There is a strong synergy between our organisations, to drive growth and sustained business outcomes, as well as our shared commitment to building a secure digital Australia," said Sim, the outgoing WebSecure owner.
“We are thrilled for WebSecure to become part of PwC Australia and look forward to combining our capabilities and further building our alliance with CyberArk."
"Leveraging our position in the market with PwC’s cyber security and digital identity offerings, plus access to the firm’s broad client network and global scale will enable us to accelerate our growth objectives for our clients and team.”
“Joining PwC Australia is the ideal fit that will allow us to continue our growth trajectory."
[Related: Federal Treasurer backs economic recovery as NSW emerges from lockdown]
Nastasha is a Journalist at Momentum Media, she reports extensively across veterans affairs, cyber security and geopolitics in the Indo-Pacific. She is a co-author of a book titled The Stories Women Journalists Tell, published by Penguin Random House. Previously, she was a Content Producer at Verizon Media, a Digital Producer for Yahoo! and Channel 7, a Digital Journalist at Sky News Australia, as well as a Website Manager and Digital Producer at SBS Australia. Nastasha started her career in media as a Video Producer and Digital News Presenter at News Corp Australia.
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