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ALM Intelligence Pacesetter Research finds that innovators among professional services providers have realized that cybersecurity is less a technology problem and more a business one that requires embedding cyber risk in all business operations and activities 

New York, NY – April 12, 2022 – New analysis from ALM Intelligence Pacesetter Research has found that the speed at which the cybersecurity market has been evolving in recent years accelerated even more during the pandemic. This forced professional services providers to adapt their approach, often radically. This new report is an update on the Cybersecurity Services report released in 2020.

“There is a lot of variability layered into the different approaches to cybersecurity the most innovative providers have taken,” asserted ALM Intelligence Pacesetter Research Director, Tomek Jankowski, “but one thing they share in common is the recognition that cybersecurity is not a technology checklist item, but rather a core business function that permeates everything an organization does.”

What was particularly interesting in this research was how cybersecurity drives innovation and convergence in professional services as clients struggle with the spiraling costs of incidents – data breaches – but even more so, the parallel spiraling costs of day-to-day cyber risk management and cybersecurity management. Cybersecurity is pushing the most innovative providers to find ways to help clients more actively manage cyber risk, rather than just design a crisis plan and a contact list for events. Innovators have also been seeking new market relationships utilizing the ecosystem model to round out their own capabilities for clients. More so than any other business topic in 2022, cybersecurity is driving a “where-the-rubber-meets-the-road” pragmatism in professional services, leading to a wide array of new market strategies.

In ALM Intelligence Pacesetter Research: Cybersecurity 2022-2023, the Pacesetter Advisory Council assessed dozens of providers to arrive at twenty-one providers identified as Innovators for their ability to deliver client impact in today’s ever-shifting (and crowded) cybersecurity markets. Additionally, the research and analysis provide insights into the competitive dynamics and service delivery trends driving convergence across insurance, legal, management consulting, multi-service and technology providers.

Research Highlights:

  • A key trend driving demand in cybersecurity in 2022 is that the focus for cybercriminals has moved from acquiring data to compromising organizational operations
  • Multiservice and management consulting providers, with some technology firms in tow, have formed a general consensus around a “digital trust” model that emphasizes the operational and human capital dimensions of cybersecurity as much as the technology
  • Innovators in insurance and law are making greater use of technology tools to accelerate outcomes and manage costs or move upstream with advisory services to address cyber hygiene, while some are simply bundling basic end-to-end cybersecurity offerings into broader business packages for under-resourced middle-tier clients
  • Particularly in law and insurance, there is still plenty of tradition inviting competitive innovation from non-traditional quarters
  • A key attribute common among Innovators is that their approach to cybersecurity focuses on helping clients make informed business decisions (weekly, daily, hourly) in the context of an ever-evolving cyber landscape

In this report, ALM Intelligence Pacesetter Research evaluates the cybersecurity capabilities and offerings of the following providers: Accenture, Alvarez & Marsal, AXA XL, Berkshire Hathaway Insurance Group, Booz Allen Hamilton, Capco, Capgemini, Crowe, Deloitte, EY, FTI Consulting, KPMG, Kroll, Lewis Brisbois, Nishimura & Asahi, PA Consulting, PwC, Redgrave, Tata Consultancy Services (TCS), Vouch, and West Monroe Partners.

ALM Intelligence Pacesetter Research provides independent, objective research to providers and buyers of professional services, coupled with practical insights that inform the decision-making process for strategic planning and procurement professionals. 

To learn more about the Cybersecurity research or obtain the full version of the report, go to: https://www.alm.com/intelligence/pacesetter-research-2/cybersecurity/.

For more information or to obtain the full version of the ALM Intelligence Pacesetter Research series, visit: https://www.alm.com/intelligence/pacesetter-research/  or contact us at almintelligence@alm.com.

About ALM Intelligence

ALM Intelligence provides proprietary data, analysis, tools, and knowledge that empower our clients to succeed. The product suite and vast data repository arm professionals with the critical business information required to make the most impactful and informed decisions possible. The exhaustive data repository and product functionality enable professionals to combat competitive challenges head-on with the confidence to remain ahead of the field. The depth of ALM Intelligence’s expertise across the benefits, insurance, consulting, and legal industries provide a broad spectrum of actionable intelligence to facilitate and execute strategy. Visit https://www.alm.com/intelligence/ for more information.

About ALM

ALM, an information and intelligence company, provides customers with critical news, data, analysis, marketing solutions, and events to successfully manage the business of law. ALM serves a community of over 6 million business professionals seeking to discover, connect, and compete in highly complex industries. Please visit www.alm.com for more information, and visit www.alm.com/events/ to learn about our upcoming events. Please follow us on Twitter at @ALMGlobal_.

Tags: Professional Services, Pacesetters, Cybersecurity, Law Firm, Pacesetter Research, ALM Intelligence Pacesetter Research, Cybersecurity Services