PwC acquires cyber identity consultancy Praxism

PwC has acquired Praxism, the specialist identity and access management consultancy based in Edinburgh.

The move is the latest in the Big Four firm's extensions of its own cybersecurity practice and a further recognition of the importance of the issue to the financial sector.

Critical aspect

A recent PwC report revealed that businesses are often still failing to take cybersecurity seriously, even though detected information security incidents have increased by 38 per cent with an average cost to companies of £1.7m.

Praxism was founded in 2008 and works with a range of organisations in the utilities, financial services, energy and public sectors. The company advises on how to best manage user identity, an issue that PwC has identified as a critical aspect of all security strategies. User identity is often cited as an audit issue among corporates.

Under the terms of the deal, Praxism founder and director Derek Gordon will join PwC’s Edinburgh office along with 13 other employees of the company, whilst one specialist will be located in the Leeds office.

Exceptional addition

PwC UK head of assurance James Chalmers said: "Derek and the Praxism team really are at the top of the league in this specialist area and, as a result, I believe they are an exceptional addition to our rapidly growing and market leading cyber security business."

Meanwhile, Derek Gordon commented: "I'm delighted that Praxism is joining forces with PwC. The opportunity this affords our people and our business is outstanding and clearly recognises the shared culture and values between our organisations."