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Summary
- Panaseer, the CCM platform, has reported of having joined PwC UK to provide cyber risk monitoring services.
- The combined effect of both the companies is expected to protect the customers from cyber frauds and incident.
Cybersecurity intelligence platform Panaseer has announced that it has teamed up with leading consulting firm PwC UK to offer continuous Cyber Risk Monitoring service, which is sought to make way for accurate and continuous measurement, monitoring, and reporting of cyber frauds and risks.
Panaseer is the first CCM (Continuous Controls Monitoring) platform to provide security services to any enterprise. The security measurement platform aims at becoming the best choice for IT leaders in terms of security and risk. Panaseer has been successful in raising funds worth $15.6 million till date and has a client base of the largest financial institutions and infrastructure businesses in the world.
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On the other hand, PwC UK is a leader cybersecurity consulting service provider that offers continuous Cyber Risk Monitoring. The company is known to serve around 157 varied regions worldwide. In the Q4 2019, it was awarded with the title of a Leader in the European Cybersecurity Consulting Services. The partnership of Panaseer and PwC will enable its customers to leverage executive reporting dashboards from the PwC UK.
Together both can bring out the best-in-breed technology and consulting services. The executive and strategic reporting expertise of PwC UK along with Panaseer’s CCM platform’s real-time security data will provide valuable advice for improving risk approaches.
Rising IT exposure
The risk of cyber incidents and the fines associated with them are likely to go down with the use of these services. It will also prove to be cost-effective saving both time and resources spent on security reporting and compliance. The holistic and quantitative approach will also facilitate customers in making risk-based analysis and decisions.
Investment strategies generating maximise return by adopting risk reduction initiatives can also be formulated.
The change in working patterns overnight due to the pandemic has forced millions of employees to work from home, increasing their access to the IT systems. Such changes have made cyber security a top priority for both businesses and consumers.
The CCM platform
Panaseer believes that the market dynamics are continuously evolving, which have increased the need for executive risk reporting solutions. Nowadays, firms want to save costs by prioritising investments in the field of cybersecurity. This is where Panaseer comes into the picture by offering a solution to confidently make risk-based decisions with an accurate insight updates on a daily basis.
Commenting on the development, Charaka Goonatilake, CTO at Panaseer, said the visibility is one of the biggest challenges in cybersecurity. With the change in landscape and increase in regulatory pressures, it becomes even more important to measure, monitor and report cyber risk, which is enabled by CCM.
Philippe Korur, Cyber Risk Reporting Platform Lead at PwC UK, said the partnership aims to provide the best value and protection to the customers.
