A recent study conducted by technology transformation specialists Stridon has revealed that almost half (46%) of professional services firms in the UK are ill-equipped to handle the risk of a potential cybersecurity attack. The research, which surveyed 500 key IT decision-makers within the sector, emphasizes the need for more strategic expertise and improved technology to combat cybersecurity risks.
The findings also indicate that over half (51%) of professional services firms lack the internal capacity and expertise to fully execute their desired technology projects. Additionally, 62% of firms believe their technology functions are not adequately supporting the strategic direction of their businesses.
Despite these challenges, there is a positive attitude towards adopting technological advancements, with 86% of respondents admitting they could use technology more strategically to achieve better business outcomes. Furthermore, 83% of businesses anticipate an increase in technology budgets over the next 12 months.
The top technology challenges currently facing the professional services sector include cybersecurity, artificial intelligence, improving business efficiency, IT talent attraction and retention, and cloud services migration and utilization.
Commenting on the findings, Matthew Stringer, Chief Experience Officer at Stridon, emphasized the importance of adopting a proactive approach to cybersecurity and implementing effective mitigation, management, and monitoring solutions tailored to each organization’s specific needs. Stringer also highlighted the significance of educating and training employees on cybersecurity best practices and implementing the right governance framework to mitigate risks.
For more insights on overcoming technology challenges in professional services firms, download the Leveraging Technology as a Strategic Force in Professional Services Firms Whitepaper at https://insights.stridon.co.uk/technology-as-a-strategic-force-whitepaper.