PwC and Panaseer join forces to offer cyber risk monitoring

24 February 2021 2 min. read

Cyber risk platform Panaseer has joined forces with PwC to offer continuous cyber risk monitoring to clients across the UK. Customers will be able to leverage executive reporting dashboards from PwC, which are informed by continuously updated, accurate, assurance metrics from Panaseer.

Founded in 2014, Panaseer helps businesses make informed risk-based security decisions. The company is aiming to become the security measurement platform of choice for security, risk and IT leaders that are shifting to data-driven programmes, and its clients already include some of the world's largest financial institutions and critical infrastructure enterprises.

Most notably, Panaseer bills itself as the first ‘Continuous Controls Monitoring’ (CCM) platform for enterprise security. According to Charaka Goonatilake, CTO at Panaseer, one of the biggest challenges in cyber security is visibility. As the threat landscape expands, it becomes even more important to be able to have a continuous and accurate measurement, monitoring and reporting of cyber risk – which CCM enables.

PwC UK and Panaseer join forces to offer cyber risk monitoringCommenting on the new alliance with the Big Four firm, Goonatilake added, “Our collaboration with PwC UK takes it one step further. By wrapping together our technology with its consulting services, risk modelling good practices and executive reporting dashboards, we are enabling customers to make critical decisions based on risk scoring and business context."

The partnership with PwC’s UK wing will enable the professional services firm’s customers to leverage executive reporting dashboards which are informed by continuously updated, accurate, assurance metrics from Panaseer. Together the companies can meaningfully advise and improve a customer's risk posture, as the collaboration combines PwC's strategic and executive reporting expertise with accurate and real-time security data from Panaseer's CCM platform.

Philippe Korur, Cyber Risk Reporting Platform Lead at PwC UK, remarked, "Our cyber team is passionate about driving tangible value to our clients through innovation and pragmatism. Through Panaseer's CCM platform, our clients can leverage existing tooling investments in order to effectively enable a strong continuous control monitoring capability with minimal further investment. This combined with our cyber risk advisory services and risk reporting will enable our clients to get the best value and protection."

According to a release from the firms, the joint offering will also reduce the risk of cyber incidents and fines. By giving a holistic and quantitative view across the entire technical security landscape, PwC’s customers will be able to complete robust risk modelling and scoring to make risk-based diagnosis and decisions, while prioritising investments based on risks that matter the most. This will enable firms to maximise return on investments from risk reduction initiatives.