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Annual Law Firms’ Survey 2024
An annual survey of Top 100 law firms that focuses on the financial performance and key trends over the past year.
The challenge for security is growing
Cyber attacks and breaches are becoming increasingly common, impactful and costly for organisations, putting them under pressure to rapidly improve their cyber security - and at scale. Organisations are also more dependent upon technology than ever before, while emerging trends such as artificial intelligence (AI) pose both opportunities and risks. At the same time, regulation across industries is putting more scrutiny on cyber security and resilience.
Cyber security transformation enables you to address these challenges, so you can rapidly reduce your risk, position yourself to securely enable the business to innovate and grow, and satisfy your obligations to regulators.
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| Attack surface | Business trend | Risk |
|---|---|---|
| Artificial intelligence (AI) | Hyperscalers and major platform providers are rapidly developing and making AI services available for organisations to disruptively innovate and transform their business processes. | AI creates new and significant ways of organisation data to be lost or compromised, as well as new opportunities for attackers to seek to harm organisations and overcome defences. |
| Supply chain | The extended network is growing, increasing collaboration and joint ventures with business partners to develop digital-centric customer experiences. | More connections with external parties which can be exploited to steal data or disrupt customer services. |
| Remote working | The workforce is evolving, with more users connected remotely than ever before, anywhere in the world and using any device. | Access and exfiltration of sensitive data due to poorly managed credentials and weak authentication mechanisms. |
| Internet of things (IoT) | Organisations are modernising the way they work by adopting internet-enabled devices that can provide telemetry data to support and monitor specific business use cases. | Use of connected IoT devices increases both the proliferation of unmanaged sensitive data and vulnerability to large scale, multi-vector fifth generation cyber attacks. |
| Digital channels | Innovation and redesign of traditional digital platforms are transforming the customer experience, improving the ability to reach new consumers and offer more services online. | More online touchpoints with customers and business partners serving increasingly rich and valuable data which can be targeted to steal or manipulate such data. |
| Cloud | The organisation is accelerating its adoption of public cloud hosted services to improve agility and innovation. | Core business workload is increasingly hosted on cloud infrastructure which, if poorly configured, can be compromised to steal data or disrupt critical services. |
Benefits of cyber security transformation
Reduce risk
Rapidly reduce your exposure to evolving cyber threats which can materially impact your operations and damage your reputation.
Embrace digital and innovate with confidence
Secure your new digital assets and the critical customer information they process without slowing down your pace of innovation.
Manage cost
Secure your organisation and protect your customers in an increasingly complex business ecosystem at a price you can afford.
Improve operational resilience
Build a technology enterprise that can withstand cyber attacks or rapid shifts in ways of working without compromising on security.
Accelerate your journey to regulatory compliance
Establish focus and bring collective momentum across your organisation to meeting regulatory requirements against the tough timelines.
Our approach to cyber security transformation
Security leaders are under pressure to not only reduce risks now, but also ensure security improvements are sustainable and help prepare their organisation for future threats and opportunities.
Our approach consists of seven components:
Steer and guide: Insights and awareness of transformation outcomes, benefits, costs, risks, and progress. Risks and costs can be rapidly managed, and the programme agile to respond to change and pressures to maximise value.
Rapid risk reduction: An agile ‘find and fix’ security workstream using purple team principles starts delivering risk reduction in the first two weeks. Fixes are applied immediately and managed through JIRA workflow.
Tactical remediation packages: Due to the complexity of the environment and large IT debt, some of the problems found by the purple team are not simple ‘fixes’. This is when a focused tactical time-bound (e.g. 60 day) initiative is required.
Strategic initiatives: While purple team and tactical work packages are ‘fixing backwards’, strategic projects are aimed at addressing the root cause of the issue and building a sustainable capability to ensure the risk is managed.
Managed services: We bring our Managed Cyber Services to enable you to rapidly onboard enterprise scale and quality services as either immediate strategic solutions or as stop-gaps, reducing risk but not limiting your decision on future direction.
Change and adoption: Integration of cultural change and business change as part of the cyber transformation. Transformation often brings change in technology, working practices and organisational structure. These need to be properly adopted and embedded.
Augment capacity: Provide business-as-usual (BAU) architecture services and other targeted expert augmentation to enable you to accommodate delivering major transformation, which can put considerable burden on your current resources and capacity to support and collaborate.
Transformation mobilisation services
- Security assessment
- Security strategy and business case
- Security operating model
- Security architecture
- Programme planning
Security assessment
Rapidly assess and benchmark cyber security capabilities, identify gaps, understand exposure to cyber risks, and construct a programme of work to effectively reduce those risks.
Transformation execution services
- Programme management
- Rapid risk reduction
- Managed cyber defence (MCD)
- Digital identity
- Cyber risk management
- Cyber security culture and board awareness
- Cyber resilience
Programme management
Define, track and report progress and benefits realised from a cyber security transformation programme.
Benefits of a broader IT transformation
Cyber security transformation is recommended when your priorities are rapid risk reduction and regulatory compliance. However, a broader IT transformation may be more suitable when there are also other priorities around cost and agility.
During a cyber security transformation, organisations typically adopt new technologies faster than they remove legacy IT. This leads to an increase in the attack surface as there are more systems for attackers to target, along with a continuing increase in security investment to achieve the organisation’s desired level of risk reduction.
There comes a point when there is a compelling case for a broader IT transformation, which enables you to reduce costs and risk by removing legacy IT systems. This makes your organisation inherently more resilient and gives you confidence to focus on innovating your business operations and customer experience.
Get in touch with us to access our invitation-only client microsite for a detailed view of our assets and experience in cyber security transformation.
Our insights
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Operational technology security
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Operational technology security
Ensure the security and resilience of your critical infrastructure with PwC UK's Operational Technology Cyber Security services. Our strategy advisory experts provide comprehensive risk management, threat mitigation, and compliance support to protect your industrial control systems and secure operations. Learn more...
Download PDF -
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