Acquisition will enhance EY's ability to quickly and efficiently deliver critical cybersecurity services
EY has announced the Mycroft team, a leading provider of cloud-based identity-as-a-service (IDaaS) and identity and access management (IAM) services designed to help protect digital assets and enhance business productivity, has joined Ernst & Young LLP in the US. The deal will expand EY's ability to help clients safeguard their valuable corporate assets from the increasing threat of cyber-attacks by supporting secure access to critical applications and data around the clock.
The combination enables EY to immediately go to market with a cloud-based IDaaS and IAM managed services offering – two areas poised for consistent growth. Mycroft's engineering and field experience along with its very talented team put EY in a position to be the security managed services provider of the future.
"IAM is crucial to clients' growth of cloud technology," said Bob Sydow, EY Americas Cybersecurity Leader. "The Internet of Things has created a new cyber frontier and our new team members from Mycroft provide the perfect fit to offering our clients solutions to their cybersecurity concerns. Globally, we are committed to helping our clients solve their biggest, most complex cybersecurity issues and this deal is a reflection of that."
Filling a skills gap
With the proliferation of new business technologies and platforms, managing data access and security while meeting regulatory requirements has become a daunting task for many companies of all sizes, many of which lack the deep technical expertise required to effectively thwart cyberattacks and online threats.
Nearly two-thirds of organizations do not have well-defined and automated IAM programs, while only 5% of organizations have a threat intelligence team with dedicated analysts and external advisors that evaluate information for credibility, relevance and exposure against threat actors, according to EY's latest Global Information Security Survey.
"Companies now understand that it's not a matter of if, but when their business will be threatened," said Jon Freeman, CEO and founder of Mycroft Inc. "Now more than ever, customers are seeking advisors on technical implementation within a secure environment. We're looking forward to joining EY and introducing our premium offerings to a much richer and diverse clientele."
This US acquisition is the latest in a series of EY cybersecurity investments, with $20 million alone earmarked for the organization's recently launched Managed Security Operations Center (SOC), a global initiative designed to provide 24/7 tools and support to secure businesses worldwide. The Mycroft team will join the EY global cybersecurity workforce, which will increase six-fold by 2020 as EY continues to outgrow the Cybersecurity market.