Deloitte has acquired boutique cyber advisory firm SecurePath with the Symantec specialist joining the consultancy giant’s Risk Advisory practice in Malaysia.
Headquartered in Kuala Lumpur, SecurePath goes to market as a service provider of governance, risk and compliance solutions at enterprise level, in addition to cyber threat defence, information management and protection.
From a technology perspective, the business offers end-to-end services spanning key vendors such as Symantec, Veritas and FireEye, alongside NetIQ and Splunk.
“SecurePath’s capability will scale up and accelerate Deloitte’s cyber risk services, particularly enhancing our ability to offer clients expertise in data loss prevention, cyber threat defence and other cyber related services,” said Thio Tse Gan, cyber leader of Southeast Asia at Deloitte.
“Collaborating in the areas of cyber and data security, data loss prevention, operational intelligence, governance and risk compliance, the SecurePath team will bring its deep domain expertise to help our clients keep pace with the constantly evolving cyber risk landscape.
“They will enhance and complement our existing investments in the design, build and running of bespoke cyber risk services for clients.”
Terms of the agreement will see company founder - Kim Chuen (KC) Chung - and staff join Deloitte with the aim of strengthening the firm’s cyber security capabilities within Asia Pacific.
According to Chung - speaking as incoming partner of Deloitte and managing director of SecurePath - the acquisition will help the business scale out cyber services expertise across the wider region.
“We have been working very closely with Symantec, Veritas and NetIQ for many years, and have established ourselves as the premier go-to partner for customers who desire high quality services in extracting the maximum value from their investments in these technologies,” Chung added.
“Our team has successfully and repeatedly proven to excel in providing turnkey project delivery services, from planning and design, to implementation, testing, training and support.”
Since launching in 2011, Chung said SecurePath has claimed a number of Service Excellence Partner awards as a specialist in delivering "core and complex data loss prevention and other cyber security projects".
“Joining Deloitte will give us unparalleled synergy in the market, by combining our team’s credentials with Deloitte’s strong branding and presence, both locally and regionally,” Chung outlined.
This transaction builds on Deloitte’s previous global and Asia Pacific investments in the risk and cyber space, which includes Practical Smarts, Connected Analytics, CBIG Consulting, Qubit Consulting and Converging Data Australia.
“Today, businesses are investing in projects and programmes that help them to monitor and stay alert to key risk events in real time - such as fraud, cyber security, compliance and financial crime,” added James Nunn-Price, cyber leader of Asia Pacific at Deloitte.
“SecurePath helps their clients build and implement solutions so that they can get the insight needed to stay ahead of, and block, the threats. This acquisition further strengthens our capabilities in managing cyber everywhere so society can go anywhere.”
The acquisition comes days after Accenture unveiled plans to buy Symantec’s cyber security services business, a matter of months after the closure of the vendor's US$10.7-billion acquisition by Broadcom.
The purchase of Symantec’s threat detection and incident response capabilities will be used to bolster Accenture’s managed security services division, the consultancy firm revealed in early January. Financial terms of the deal were not disclosed with the purchase expected to close in March 2020 subject to conditions.
Furthermore, the move represents the second technology-related Southeast Asia acquisition by Deloitte within the space of two months, following the buyout of blockchain specialist Practical Smarts in December.
As reported by Channel Asia, the acquisition aligns with plans to enhance distributed ledger technology (DLT) advisory offerings across the region.
Terms of the confidential agreement resulted in the Singapore-based start-up joining Deloitte’s Risk Advisory practice with co-founders Stanley Yong and Andrew Koay co-leading the Deloitte Blockchain Lab in Southeast Asia.
The Lab will work with customers planning to implement and deploy DLT and blockchain solutions, with a specific focus on governance, regulatory, settlement and enforceability. The Lab will also hire and train fintech experts with a focus on digital and cyber security skills.