Blending industry expertise with cybersecurity credibility

On July 1, 2024, a briefing by the Finance Services teams from PwC in the EMEA region provided TBR with a closer look at one of its key industries and the ways the firm has blended industry expertise with cybersecurity managed services experience and credibility. Julian Wakeham, EMEA Financial Services Consulting Leader, Partner, PwC UK; Moritz Anders, Partner, Cyber Security & Privacy, PwC Germany; and Joshua Khosa, Service Tower Lead Cyber Managed Services, PwC Germany steered the discussion for PwC.

The blog states, ‘FS clients have three compelling cybersecurity needs — compliance, cost optimization and talent — which have shaped PwC’s approach to cybersecurity managed services and, in TBR’s view, will be consistent revenue drivers for PwC as those needs will be perpetual. The challenges around recruiting and retaining highly specialized cybersecurity experts, for example, remain outside the core functions of most enterprises, yet the cybersecurity risks continue evolving, necessitating that consultancies step into that role.’

In TBR’s view, ‘the compliance and audit-readiness components reflect PwC’s legacy strengths and brand around governance, risk, and compliance, and the operational efficiency outcomes build on the firm’s decades-old emphasis on and experience with operations consulting. In short, PwC continues playing to its strengths.’

It goes on to say, ‘Among the strengths PwC brought to the table, according to Anders, was Europe-based talent at scale, in contrast to competitors, which relied on offshore resources. Wakeham noted PwC’s flexibility and focus on business problems (not just selling technology solutions), along with the “deep trust” PwC’s clients have in the firm.’

TBR also notes, ‘If PwC remains focused on business model reinvention and continues evolving its ecosystem strategy, the breadth of the firm’s capabilities will become the underlying strength that sustains PwC’s success.’

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