ALM Intelligence Pacesetter Research: Cybersecurity

New analysis from ALM | Law.com Compass Pacesetter Research has found that the speed 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.

This research asseses 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

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What Makes An ALM Intelligence Cybersecurity Pacesetter & Innovator?

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.

The 2022-2023 Cybersecurity Innovators & Pacesetters

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
West Monroe Partners

the methodology

The goal of ALM Pacesetter Research is to help buyers of professional services navigate an increasingly complex landscape with confidence. We use a multidisciplinary perspective to identify best-in-class providers of legal, consulting, financial, insurance, employee benefits, and other professional services and analyze how they are evolving as an ecosystem of interdisciplinary service providers. Our research is grounded in over 50 years of accumulated market insights and qualitative research models that combine knowledge of management science with case studies and other sources of knowledge to understand patterns of market supply, demand, behavior, and ways of doing business. Our research also includes voices/perspectives from both the sellside and buyside, as well as knowledgeable people working in industry associations, academia, etc.

The ALM Pacesetter Advisory Council (PAC) convenes in advance of the research project kick-off; members include ALM journalists and editors, and external experts such as consultants, general counsel, and industry thought leaders
The PAC selects the set of Innovators that will be covered in the research topic from a larger group of providers that members have identified in the normal course of their work
PAC members also provide expert knowledge and insights to the ALM Pacesetter team throughout the research and analysis process

The ALM Pacesetter Team within ALM Intelligence conducts primary and secondary research
Primary research includes in-depth interviews with practice leaders at the provider firms covered in the research; satisfaction interviews with clients referred by those providers; and in-depth interviews with thought leaders, recruiting professionals, and other sources
Secondary research includes data gathered from annual reports and earnings calls, management presentations, public filings, case studies, press releases, journals and publications, online information databases and other publicly available resources

Innovators that achieve a Pacesetter Impact Score equal to or over 85 are designated as ALM Pacesetters
Pacesetter analysts map markets and stakeholders and write market trends
Market segment overviews are peer reviewed by the appropriate PAC member

Service providers are evaluated and scored based on five core criteria

Business Model

Provider’s ability to reposition core competencies around new products, services, and business models to adapt to shifting patterns of market supply, demand, behavior, and ways of doing business.

Value Proposition

Provider’s ability to deliver on its value proposition, i.e., the positioning statement that communicates the benefits and economic value a prospect will receive by purchasing the provider’s products and services over a competitor’s.

Service Delivery

Provider’s ability to mobilize resources and configure assets to serve clients.

Client Impact

Provider’s ability to help clients affect continuous, sustainable change, mitigate risk, improve performance, and achieve growth.

Brand Eminence

Provider’s ability to leverage brand and marketing strategies to differentiate in its marketplace as an expert practitioner and thought leader.

Tomek’s focus is on finance management consulting, which includes finance operations, balance sheet strategy & investor relations, portfolio & capital strategy, and transaction advisory services.

Before joining ALM Intelligence, Tomek led the European asset-backed securities (ABS) and global collateralized debt obligation (CDO) report sourcing and research efforts for the asset-backed securities market intelligence firm Lewtan Technologies. Before that he spent five years with Capital Access International, a fixed-income market intelligence firm responsible for bringing the widely known fixed-income investment professional and securities profile tool eMAXX™ to the investment world. He was Director of North American data research when that firm was acquired by Lipper (a Reuters company) in 2002.

Tomek earned a B.A. in History magna cum laude, with a minor in Cultural Anthropology, from SUNY at Buffalo (New York). In 2017 Tomek earned his Masters of Science degree in Applied Economics from Southern New Hampshire University. He also spent several years living and studying in Poland, Hungary, and other regions of Eastern Europe and has authored a successful book (published in late 2013) on Eastern Europe, which is going into its second edition in 2018.