By Rob Starr, Big4.com content manager
The Mycroft team, a leading provider of cloud-based identity-as-a-service (IDaaS) and identity and access management (IAM) services, recently joined Ernst & Young LLP in the US. With EY announcing the acquisition of Mycroft, the Big Four firm has made another in a series of EY cybersecurity investments, with $20 million earmarked for the firms recently launched Managed Security Operations Center (SOC), an initiative designed to provide 24/7 tools and support to secure businesses worldwide. Following are a series of email answers Big4.com received to some written questions about the deal.
What’s the history between Mycroft and EY? How did the company get on EY’s radar?
EY and Mycroft have had a longstanding relationship, collaborating to help clients safeguard their valuable corporate assets from the increasing threat of cyberattacks.
Mycroft has been an innovation leader in the Identity Access Management (IAM), Security and the Managed Services marketplace. They pioneered the delivery of multiple identity products in a modular, service-based configuration that provides a flexible and adaptable IAM model for clients. The Mycroft team joining EY is a perfect fit and will be a big win for our clients.
What’s the advantage to EY in the area of cybersecurity?
This move gives us access to another group of highly experienced professionals, unique IP, industry-leading methodologies, and a solid experience in implementing complex IT security solutions.
The deal expands the breadth and depth of opportunity for EY in Advisory and will allow us to go to market faster and more effectively. The complimentary skills that the Mycroft team brings to EY positions us to be one of the leading security managed services firm of the future.
What other cybersecurity investments are EY making?
Most recently, EY launched the 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 EY’s global cybersecurity workforce, which we recently announced will increase six-fold by 2020, as Cybersecurity grows in importance for organizations of all sizes, across nearly every industry.
What’s in the future for the Mycroft deal?
The deal will enable EY to immediately go to market with a cloud-based identity-as-a-Service (IDaaS) and IAM Managed Services offering, which are two areas poised for steady growth in the future. It also allows us to quickly bring in exceptional talent to help our clients execute mission critical cybersecurity initiatives.
Why is it so important for organizations to take cybersecurity threats so seriously?
Cybersecurity threats have grown in both frequency and severity, and organizations have discovered that they need to react and respond to incidents promptly and decisively to keep their business secure. The stakes have never been higher, because breaches can impact everything from revenue and stock price to intellectual property and reputation. While perimeter prevention is critical, we have to understand that a cyberattack is not a matter of if, but when – which means that companies must maintain a constant state of vigilance and be ready to respond decisively when they uncover threats.