Deloitte picks up sovereign cyber defence provider ParaFlare
Sovereign cyber defence services consultancy ParaFlare has joined the risk advisory practice of Deloitte Australia for an undisclosed sum – adding a team of close to 80 specialists nationwide.
Professional services firm Deloitte has picked up local cyber defence provider ParaFlare, one of the country’s largest specialists in Managed Detection and Response (MDR) services.
The deal will see a team of almost 80 professionals based in Sydney, Canberra, Melbourne and Perth join Deloitte, including ParaFlare CEO Adam McCarthy and CTO Frank Santucci as partners. The business has close ties with the Australian Defence Force.
“The cyber risk landscape is driving exponential growth in demand for security expertise and solutions, and this partnership with ParaFlare will enable us to bring truly world class, market leading capability to service our clients’ cyber security needs,” said Deloitte CEO Adam Powick said: “We’re proud to be joining with a sovereign business that is as dedicated as we are to defending against cyber threats and contributing to our national security.”
Founded by McCarthy and Santucci in 2016 – with both bringing a more than decade-long background as cyber intelligence operatives for the ADF and Australian Department of Defence – the company offers advanced active cyber defence provisions for both private and government clients, including 24-hour threat detection, threat intelligence and hunting, and immediate incident response, recovery and remediation in the event of a breach.
“We are excited about our future with Deloitte. We will be stronger together, with a team of specialists with local knowledge plus the support of a global leader in cyber security.” said McCarthy. “As emerging technology opens new doors for cyber criminals, we are more determined than ever. Together, ParaFlare and Deloitte will offer a capability that will empower Australian businesses to fight back against cyber adversaries.”
According to Deloitte, ParaFlare will continue with the same team and maintain its current approach to active defence, with the two parties having already worked together for a number of years. It’s the Big Four firm’s second purchase in the cyber defence space within the past twelve months, following the acquisition of Australian specialist Hacktive toward the end of last year. Deloitte previously added local cybersecurity firm Zimbani in 2020.
Risk advisory managing partner Steve Jansz pointed to the ever-growing threat; “Cyber attacks are becoming increasingly sophisticated and prominent. They’re also increasing in frequency and cost with the number of complex ransomware attacks up by more than 300% over the last five years. This new partnership will allow us to offer highly individualised and modular solutions, that are cloud-based, flexible, and allow for scale in the market.”
