The demand for professional services is driven by factors such as regulatory changes, technological advancements, and the need for specialised skills to navigate complex business environments. In the UK, the sector is expected to achieve revenues of $3.94 billion USD in 2023, and it is predicted to grow to almost $6 billion USD by 2028.(source – Statista).
Like many industries, the professional services market is experiencing a surge in demand for technology consulting and digital transformation solutions. Organisations the world over are looking at artificial intelligence (AI) and machine learning (ML) technology, to help with data insights, large-scale data analytics, and the automation of manual tasks. Professional services firms are no different, and they recognise the value Al can bring by increasing efficiency, maintaining top people, controlling scope creep and increasing profitability.
As far back as April 2021, Deloitte, the UK-based organisation that delivers industry-leading audit, consulting, tax and advisory services, presented ReadyAl, a full portfolio of capabilities and services that brings together skilled Al specialists and managed services, in a flexible Al-as-a-service model.
The need to embrace new technologies is non-negotiable. But given that the sector is a treasure trove of sensitive client information, financial records and confidential business strategies; it stands as an attractive target for cybercriminals seeking to exploit vulnerabilities in its digital infrastructure.
A cybersecurity breach not only jeopardises the confidentiality of client data but also poses a significant threat to the trust that forms the foundation of client-professional relationships. For firms operating in this sector, cybersecurity is not merely a technological investment; it is a strategic imperative for preserving reputation and sustaining success.