PwC Australia strengthens cybersecurity capabilities with WebSecure acquisition to expand and accelerate managed service offerings

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. The acquisition strengthens PwC Australia’s cybersecurity capabilities, offering scale and broader services to accelerate its managed service offerings for clients.

WebSecure provides a complete end-to-end solution including licensing, implementation, maintenance and support, and on-going operational managed services. The company is recognised as the longest serving and largest boutique Australian implementation partner of global security company CyberArk (NASDAQ: CYBR).

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. 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.

“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 has significant equity in the market and tapping into its goodwill will see PwC Australia enter the PAM sector as CyberArk’s number one partner. By leveraging WebSecure’s credentials, PwC Australia will be able to rapidly grow its Cybersecurity and Digital Trust practice to service priority clients and further grow its Skilled Service Hub in Adelaide.

Mike Cerny, PwC Australia Digital Identity Partner and Cybersecurity & Digital Trust Leader said, “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. PAM, and in particular CyberArk skills, are core to our cybersecurity growth strategy in Australia.

“Across Australia, the estimated number of CyberArk engineers with more than five years experience is around 50 resources in total. 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.”

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.

Mr Sim said, “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. 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.

“Joining PwC Australia is the ideal fit that will allow us to continue our growth trajectory. Leveraging our position in the market with PwC’s Cybersecurity 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.”

Rick Crethar, PwC Australia Risk Advisory Partner and Cybersecurity & Digital Trust Leader said, “Our strong commitment to building a secure digital Australia is demonstrated in the growth of our team of experts within our Cybersecurity and Digital Trust practice. Since restructuring in October 2020 to provide clients with a completely streamlined, agile and secure end-to-end solution, we’ve added 120 new team members, including the creation and resourcing of our onshore delivery centre - the Skilled Service Hub. When you combine WebSecure’s resources and the next wave of recruitment into our Skilled Service Hub due to complete in early 2022, our team will exceed 400 specialists bringing deep expertise from digital risk and identity management, through to cybersecurity resilience and response and digital law.”