With Dell announcing its $67 billion intent to acquire EMC, security and risk (S&R) pros need to pay close attention to three factors: 1) the shape of the final company; 2) the integration of the two sprawling and competing identity and access management (IAM) portfolios; and 3) the new Dell's progress in cloud-native security. Those three outcomes are critical to the new Dell's ability to contribute to the security business technology (BT) agenda. This document describes the possible acquisition scenarios and outlines the route that Forrester expects the combined firm to follow in rationalizing its combined security portfolio, and advises S&R pros on how best to handle the resulting changes.