As cyber threats continue to increase both in scale and frequency, Deloitte and ParaFlare together will provide Australia with an advanced active cyber defence capability, which includes around-the-clock threat detection, cyber threat intelligence, incident response, recovery, and remediation.
Based on the announcement information, ParaFlare’s team of approximately 80 people is set to join Delloite. A 2016-founded company, ParaFlare is now amongst Australia’s largest sovereign Managed Detection and Response (MDR) providers – an expanding area of cybersecurity that involves cyber operators monitoring business networks for threats and responding immediately whenever a breach is found. ParaFlare will keep the same team and approach to active defence, however, this will now be supported by the global strength of Deloitte’s cybersecurity business.
Deloitte Australia CEO Adam Powick advised that the company is looking forward to joining forces with a sovereign business that has a similar commitment to defending against cyber threats and contributing to national security. As the cyber risk landscape is driving exponential growth in the demand for security expertise and solutions, the spokesperson believes the collaboration with ParaFlare to help enable the company to bring advanced capability to address their clients’ cybersecurity-related needs.
Adding on this, Deloitte Australia Risk Advisory Managing Partner Steve Jansz stated that cyberattacks are growing in sophistication and prominence, and in frequency and cost, with the number of complex ransomware attacks having increased by over 300% in the past five years. The partnership is set to enable the company to provide highly individualised and modular solutions that are cloud-based, flexible, and allow for scale in the market.
What is more, ParaFlare CEO Adam McCarthy said that ParaFlare was started with the goal of providing businesses with the highest level of cyber protection, and as emerging technology opens doors for cybercriminals, they are determined to further this focus. The official said that together, ParaFlare and Deloitte will offer a capability set to enable Australia-based businesses to fight back against cyber adversaries.
ParaFlare and Deloitte have been collaborating for several years, and the companies’ work ethic and values are in alignment, having a shared vision, team culture, and commitment to excellence, as advised by ParaFlare Chief Technology Officer Frank Santucci. Per the spokesperson’s statement, ParaFlare’s partnership with Deloitte provides a strong platform that both companies can build on to expedite growth in the emerging managed detection and response market, and across national security, to offer the highest possible level of cyber protection to clients.
Per the press release information, the terms of the collaboration are confidential.
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