Deloitte buys antifraud technology company Terbium Labs

Deloitte US has acquired Terbium Labs, a Baltimore-based firm that delivers solutions and services in digital risk protection.

Founded in 2013, Terbium Labs helps companies track their digital footprint across the open, deep, and dark web – as well as mobile apps and social media – in order to identify and neutralize fraudulent activity. The firm’s Matchlight platform monitors for account takeover and spoofed accounts on social media; data loss on the web; counterfeit domains and brand impersonations on mobile apps; and exfiltrated employee personal information.

Terbium’s platform uses AI and data fingerprinting technologies to provide 24/7 monitoring that accelerates takedowns of fraudulent activity and eliminates false positives.

Deloitte’s acquisition of Terbium will further expand the firm’s cybersecurity capabilities. The Big Four firm will acquire all of Terbium’s assets and technologies, and will carry over more than 90% of the company’s staff to its “detect & respond” offering within its cyber practice, according to SC Magazine.

Financial terms of the deal were not disclosed.

“Advanced cyber threat intelligence, paired with remediation of data risk exposure requires a balance of advanced technology, keen understanding of regulatory compliance and fine tuning with an organization's business needs and risk profile," said Kieran Norton, Deloitte Risk & Financial Advisory's infrastructure solution leader and principal.  "Adding Terbium Labs' business to our portfolio will offer our clients one more way to continuously monitor for – and, when appropriate, minimize the impact of – data exposed on the open, deep, or dark web."

The deal represents Deloitte’s third cybersecurity firm bolt-on in 2021. Deloitte earlier this year bought R9B, a Colorado-based firm specializing in threat hunting, and CloudQuest, a Silicon Valley-based cloud security posture management provider.

An increase in cyberattacks stemming from the mass shift to remote work has boosted demand for cybersecurity consulting services. EY Canada also beefed up its cybersecurity practice late last year with the purchase of IDMSense.