Advisory services provider PwC and ThetaRay, a provider of big data analytics solutions, announced a partnership that will see PwC introduce ThetaRay's technology into its advanced data analytics services.
ThetaRay’s data analysis identifies anomalies in the data set, complementing existing tools and methodologies used by PwC's experts.
"PwC is one of the leading companies in the world offering advisory services for financial entities with complex, computerized systems and massive amounts of data," Mark Gazit, CEO of ThetaRay, told eWEEK. "ThetaRay's cutting-edge technology offers real-time, automated threat-detection and opportunity discovery. The successful partnership between these two companies enables PwC to help materialize organizational resilience and financial success by implementing ThetaRay's technology."
Gazit explained the partnership between PwC and ThetaRay evolved as a response to a client's need, noting one of the largest financial institutions, represented by PwC, was seeking a solution to manage threats and opportunities resulting from the new age of digital and online banking.
PwC experts utilized ThetaRay’s solution to analyze hundreds of millions of the company's records, with high detection rates and low false positives, ultimately identifying threats with high financial impact.
"Following a visit to Israel and meetings with a slew of companies, PwC's client had selected ThetaRay as the ultimate solution to meet this challenge," he said. "ThetaRay had performed a successful proof of value trial, ultimately resulting in the client's acquisition of ThetaRay's solution. The possibility of an Israeli startup being in a position to sell to one of the largest financial titans could only become a reality through the relationship with PwC and their established relationships."
By merging PwC's business expertise and data analytics capabilities with ThetaRay's big data anomaly detection suite, PwC's new services will help companies to solve important problems, Gazit explained.
"The new world creates huge amounts of data in an almost unlimited capacity and from new and innovative sources," he noted. "Quantities of data are growing exponentially as are data sources—to an extent that the human mind is unable to process. Existing big data analytics systems are based on patterns and rules with data that is biased by human classifications. This approach is no longer relevant."
Gazit explained ThetaRay's technology allows them to provide multi-domain, hyper-dimensional, real-time analysis of the data and thereby detect the outstanding events.
"With this technology, customers can receive alerts before the problems occur and consequently affect safety, security and revenues," he said. "We help our customers take care of the present, but also anticipate the future."