Firms specialising in professional services are being targeted by cyber attacks up to three times a week, according to research from Keeper Security.

These companies encompass key industries across the sector, and the research has indicated they are bearing the brunt of cybercrime.

Keeper Security’s 2022 Professional Services Cybersecurity Census Report found high numbers of incidents being directed at these organisations, with IT Leaders citing an average of 161 cyberattacks over the last 12 months

These attacks are resulting in both financial and reputational damage. Just under a third (31%) of respondents said they experienced financial theft, with 42% of these having between £100,000 and £999,999 stolen

Almost all (93%) believe that the severity of cyberattacks will increase over the next year, with more than two thirds (77%) of leaders stating they need more time when attacks occur.

They also agreed that the time taken to identify and respond to a cyberattack has increased in the past 12 months.

Cybersecurity investments to mitigate risk

The study also unearthed a discrepancy between awareness of cybersecurity and the investment from leaders in the skills and technologies needed to improve their cyber defences.

Less than a quarter (20%) of respondents did not have someone to manage IT secrets such as API keys, database passwords and credentials, and 15% did not have someone to help manage remote access to privileged infrastructures.

If awareness of the skills and technology shortage impacting cybersecurity can be acted on with the investment in the right tools and tech stack, then the professional services industry will be more resilient.

However, if investment is curtailed and compounded by poor internal security training, then the severity and frequency of cyberattacks found in the report will continue.

The harmful impact of cyberattacks on organisations

But financial damage is only one implication of a cyberattack. Reputational damage, compromised supply chains, and loss of stakeholder confidence can have enduring effects.

According to the study, nearly half (47%) of professional services firms have experienced reputational damage due to a successful cyberattack.

Data revealed that around 46% have suffered from disruption of partner/customer operations, while 39% said they experienced loss of a business contract, underscoring the knock-on effects of cybercrime.

Preparing for the future

Investment in cybersecurity will be key to safeguarding businesses’ infrastructure, the report said. The study found an appreciation of the growing threat, however there were differing perceptions of required investment implementation of cyber defences.

Rising external threats was ranked as the top cybersecurity concern among half of the professional services respondents, with just 3% saying cybersecurity was not important to the C-suite at their organisation.

Around 40% cited the need to address skills gaps within their staff and, while 37% noted the weak link presented to an organisation’s cyber defence through contractors, interns and unsophisticated users inadvertently exposing an organisation to risk.

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Darren Guccione, Keeper Co-founder and CEO commented: “Although the professional services community knows that cybersecurity threats will continue to grow and their preparedness shows positive signs, we do not know how resilient they will be in the face of future challenges.

“The increased amount of time it takes for professional services IT teams to address a cyberattack and the widening scope of damage from a data breach emphasise the need to stay ahead of evolving threats through employee training, adopting the right technologies and implementing best practices.”

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