PwC Australia has signed an agreement to acquire WebSecure Technologies Australia, an Australian IT security and risk management firm that specialises in implementing Privileged Access Management (PAM) solutions.
PwC Australia Partner and Trust & Risk Business Leader Corinne Best said, “Responding to the fast-moving and continuously evolving cyber threat landscape is more important than ever before. I am delighted about our WebSecure acquisition. The credentials of WebSecure as the longest serving and largest boutique implementation partner of global security company CyberArk are impressive. This acquisition continues to strengthen our scale and end-to-end Cybersecurity Advisory and implementation offering. 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.”
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 cybersecurity risk for all 98 non-corporate Commonwealth entities (NCEs) and PAM is one of those strategies.
Additionally, with the war on talent in cybersecurity, 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% increase since 2018. Rather than building and growing this capability, PwC Australia decided to acquire it.
WebSecure owner Stewart Sim will join PwC Australia as a partner and will bring a team of specialised engineers to the firm. The WebSecure team will be integrated into PwC Australia’s Cybersecurity 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.
