Sydney-based technology solutions provider Interactive has seized on the growing cyber security threat facing businesses by bolstering its operations in the field through the acquisition of Perth-based specialist Slipstream Cyber Security.
The merger will double Interactive’s cyber team to more than 60, who are part of a team of 600 technology professionals across the business servicing a combined 3,000 customers. It also builds on a strong working relationship forged between the two companies in 2019.
While the financial terms of the deal have not been disclosed, Interactive says it is the first of its kind undertaken in the past 35 years by the company, an end-to-end security solutions provider, as it looks to bolster its fast-growing cyber security business.
Slipstream is a specialist cyber security company co-founded in 2017 by Brian Smith.
The company offers 24-hour cyber defence, while delivering mission critical assistance during a cyber attack.
Slipstream, which is supported by an Australian-based cyber security operations centre, has tripled its customer base over the past two years in the wake of a blowout in cyber security threats globally.
Interactive executive chairman Brendan Fleiter, an experienced executive who has previously chaired Godfreys and at one time led phone retailer Crazy Johns, warns that the sector has reached a critical point for Australian business.
He says the country is at a ‘cyber maturity impasse’ with many companies unprepared to adequately defend themselves.
“Australian organisations are facing into daily, even hourly, threats to their operations, as well as their peoples’ and customers’ livelihoods,” Fleiter says.
“The path to staying secure isn’t as easy as putting a padlock on the front door any more.”
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Interactive points to the latest report by the Office of the Australian Information Commissioner for its decision to shore up its cyber security division. The report reveals a 26 per cent surge in cyber breach notifications between July and December 2022 compared with six months earlier.
Late last year, the Australian Cyber Security Centre’s annual Cyber Threat Report 2021-22 revealed that cybercrime cost businesses $98 million last financial year, with medium-sized businesses the hardest hit.
“For many enterprises the road to cyber resilience is a maze of vendors, skills shortages and ongoing risks and regulation,” Fleiter says.
“Our mission is to clear the path for these organisations so they can operate securely, confidently and faster.
“The team at Slipstream Cyber Security is a superb addition to ours, not only for their expertise but importantly for their customer and people centred approach to cyber security.”
Smith will join the Interactive team to play what the company describes as a ‘leading role’ in the expanded cyber security division.
“Not only does combining our companies create a formidable, nation-wide security capability, but it also provides our people with a unique opportunity to grow their careers across the technology sector,” Smith says.
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