Deloitte Australia has acquired Sydney-based sovereign managed detection and response (MDR) specialist ParaFlare for an undisclosed sum.
The acquisition bolsters the big four consulting firm’s advanced active cyber defence capability, bringing ParaFlare’s around-the-clock threat detection, cyber threat intelligence, incident response, recovery and remediation to the business.
All 80 of ParaFlare staff will join Deloitte as part of the deal, including chief executive Adam McCarthy and chief technology officer Frank Santucci, who will join as Deloitte partners.
“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,” Deloitte Australia chief executive Adam Powick said.
“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.”
ParaFlare was founded by McCarthy and Santucci in 2016, later growing into one of Australia’s largest sovereign MDR providers.
Sovereign MDR is a growing area in cybersecurity, which involves cyber operators monitoring business networks for threats and responding immediately when a breach is found.
Deloitte said ParaFlare will retain its team and approach to active defence, but will now be supported by the consulting giant’s global strength.
“When we started ParaFlare we made a commitment to provide the highest level of cyber protection to businesses," McCarthy said.
"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 adversari ..
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