Almost half (46%) of professional services firms across the UK are not equipped to handle the risk of a potential cybersecurity attack, new research by Stridon has found.
The study, of 500 key IT decision-makers within the professional services sector, highlights a significant requirement for more strategic expertise and improved technology, with an emphasis on combatting cybersecurity risk.
The findings also found that over half (51%) of professional services firms lack the internal capacity and expertise to fully execute their desired technology projects.
Additionally, 62% of professional services firms believe their technology functions fall short in supporting the strategic direction their firms are taking.
Despite this clear gap in skills and knowledge, the attitude towards adopting technological advancements is positive, with an overwhelming 86% admitting they could use technology more strategically to generate better business outcomes.
The majority (83%) of businesses also anticipate an increase in technology budgets over the next 12 months. When asked about the top technology challenges that the professional services sector is currently facing, the top five areas were:
1. Cybersecurity (39%)
2. Artificial Intelligence (37%)
3. Improving business efficiency (28%)
4. IT talent attraction & retention (27%)
5. Cloud services migration & utilisation (24%)
Commenting on the findings, Matthew Stringer, Chief Experience Officer at Stridon said:
“Our study shows that an increasing level of professional services firms don’t have the confidence, knowledge or systems in place to combat the ever-changing landscape of technology and cybersecurity risks.
To help combat this, firms should adopt a proactive business-wide approach to cybersecurity. Starting with a wholistic cybersecurity risk assessment enables effective mitigation , management and monitoring solutions to be designed and implemented in line with an organisations specific and unique needs.
Organisations should not underestimate the power of people and the importance of driving cultural change to mitigate risk. This can be achieved by consistently educating and training employees in all aspects of cybersecurity and implementing the right governance framework.”
