Jun 10, 2020

Top Ten Technology Consultancies - EY

Kayleigh Shooter
5 min
ALT
We take a closer look into EY, who was featured in our comprehensive list of the top ten technology consultancies in this month's magazine...

Business Overview:
Ernst & Young Global Limited Liability Partnership, commonly known as EY, is a multinational professional services firm headquartered in London, England, United Kingdom. EY is one of the largest professional services firms in the world. Along with Deloitte, KPMG and PricewaterhouseCoopers, it is considered one of the Big Four accounting firms. It primarily provides assurance (which includes financial audit), tax, consulting and advisory services to its clients. Like many of the larger accounting firms in recent years, EY has expanded into markets adjacent to accounting, including strategy, operations, HR, technology, and financial services consulting.

EY operates as a network of member firms which are structured as separate legal entities in a partnership, which has over 270,000 employees in over 700 offices in 150 countries around the world. The firm's current partnership was formed in 1989 by a merger of two accounting firms; Ernst & Whinney and Arthur Young & Co. It was aptly named Ernst & Young until a rebranding campaign officially changed its name to EY in 2013, although this initialism was already used informally prior to its sanctioning adoption.

Its services:

At EY, they are dedicated to helping organizations solve their toughest challenges and realize their greatest ambitions - from start-ups to Fortune 500 companies – and the work they do with them is as varied as they are. Through their four service lines — Assurance, Advisory, Tax and Transaction Advisory Services — they help their clients capitalize on transformative opportunities. EY also helpa them fulfil regulatory requirements, keep investors informed and meet the needs of all of their stakeholders. And in a fast-changing world, they give them the support they need to be effective today and create long-term value for tomorrow.

  • Tax - EY's tax professionals offer services across all tax disciplines to help you thrive in this era of rapid change. Their globally coordinated tax professionals offer connected services across all tax disciplines to help you thrive in an era of rapid change. They combine exceptional knowledge and experience with the people and technology platforms that make them an ideal partner for your tax-related needs. EY has competencies in business tax, international tax, transaction tax and tax-related issues associated with people, compliance and reporting and law.
  • Transaction advisory services - EY can help you manage the crisis and stabilize your business in the short-term. They can also help you navigate the downturn and position yourselves for the recovery or look beyond to enable your transformation through M&A and divestments. Strategy and Transactions enable clients to navigate complexity by reimagining their eco-systems, reshaping their portfolios and reinventing themselves for a better future. With global connectivity and scale, they drive corporate strategy, capital allocation and transaction advisory through execution to enable fast-track value creation. They support the flow of capital across borders and help bring new products and innovation to the market. In doing so, they enable their clients to build a better working world by fostering long-term value.
  • Advisory - What does it take to succeed in the Transformative Age? The nature of work is evolving fast, new generations are now dominating the workforce and we’re all being asked to adopt new behaviours — to be more innovative, more agile, more collaborative, more everything. Business is anything but usual. And navigating the Transformative Age demands we ask better questions at each point in time, from strategy to execution. EY believes better questions come from better connections. This means embracing a diversity of ideas and a rich mix of talents, backgrounds and experience. These combined perspectives will give you new insights, help you realize your organization’s purpose and equip you to operate in an entirely new way.
  • Assurance - Assurance inspires the confidence and trust that help enable a complex world to work. Organizations are operating in a rapidly changing business environment, with increasingly complex regulatory requirements. In such circumstances, it is vital to maintain confidence and trust. The purpose of EY Assurance is to inspire the confidence and trust that help enable a complex world to work. EY Assurance services help to support organizations in promoting investor confidence, managing regulatory responsibilities and supporting long-term, sustainable economic growth. In doing so, we protect and serve the public interest and promote transparency. Their Assurance services – comprising Audit, Financial Accounting Advisory Services and Forensic & Integrity Services – provide insights and technical knowledge across geographies. They serve global and local clients with the same intensive focus on quality, build integrated teams and innovate to transform service delivery.

EY and COVID-19:

EY has developed the “COVID-19 Enterprise Resilience Framework”. Their easy-to-use diagnostic tool provides a methodical approach to crisis management, recovery and reinvention. It is a map for navigating uncertainty and complexity is critical. They have identified nine areas that not only assist business continuity now, but help reframe your organization’s future. They recommend starting with people-related issues before moving to other areas, which can be addressed in any order:

  1. Employee health and wellbeing
  2. Talent and workforce
  3. Supply chain and global trade
  4. Customer and brand
  5. Financial and investor
  6. Risk
  7. Government and public policy
  8. Technology and information security
  9. Insurance and legal disputes

The tool is an easy, pragmatic way to understand the resilience of your enterprise and enable you to more clearly prioritize your actions. Its purpose is to help you assess these nine areas, providing structure in the midst of chaos, and prompting you to consider elements which might otherwise be overlooked. It enables you, at a glance, to identify where you need further efforts or assistance, and is designed to be continually referred to as part of your ongoing leadership crisis meetings. Additionally, it can be used as a solid foundation upon which your corporate strategy can be shifted or rebuilt.

Find out more here.
 

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Jun 15, 2021

IT Employees Predict 90% Increase in Cloud Security Spending

Technology
Cloud
Cybersecurity
Investments
Elise Leise
3 min
Companies that took the initiative on cloud platforms are trying to cope with the security risks, according to Devo Technology’s report

As companies get back on their feet post-pandemic, they’re going all-in on cloud applications. In a recent report by Devo Technology titled “Beyond Cloud Adoption: How to Embrace the Cloud for Security and Business Benefits”, 81% of the 500 IT and security team members surveyed said that COVID accelerated their cloud timelines. More than half of the top-performing businesses reported gains in visibility. In fact, the cloud now outnumbers on-premise solutions at a 3:1 ratio

But the benefits are accompanied by significant cybersecurity risks, as cloud infrastructure is more complex than legacy systems. Let’s dive in. 

 

Why Are Cloud Platforms Taking Over? 

According to Forrester, the public cloud infrastructure market could grow 28% over the next year, up to US$113.1bn. Companies shifting to remote work and decentralised workplaces find it easy to store and access information, especially as networks start to share more and more supply chain and enterprise information—think risk mitigation platforms and ESG ratings. 

Here’s the catch: when you shift to the cloud, you choose a more complex system, which often requires cloud-native platforms for network security. In other words, you can’t stop halfway. ‘Only cloud-native platforms can keep up with [the cloud’s] speed and complexity” and ultimately increase visibility and control’, said Douglas Murray, CEO at cloud security provider Valtix. 

Here’s a quick list of the top cloud security companies, as ranked by Software Testing Help: 

 

What are the Security Issues? 

Here’s the bad news. According to Accenture, less than 40% of companies have achieved the full value they expected on their cloud investments. All-in greater complexity has forced companies to spend more to hire skilled tech workers, analyse security data, and manage new cybersecurity threats. 

The two main issues are (1) a lack of familiarity with cloud systems and (2) challenges with shifting legacy security systems to new platforms. Out of the 500 IT employees from Devo Technology’s cloud report, for example, 80% said they’d sorted 40% more security data, suffered from a lack of cloud security training, and experienced a 60% increase in cybersecurity threats. 

How Will Companies React? 

They certainly won’t stop investing in cloud platforms. Out of the 500 enterprise-level companies that Devo Technology talked to throughout North America and Western Europe, 90% anticipated a jump in cloud security spending in 2021. They’ll throw money at automating security processes and investing in security upskilling programmes. 

After all, company executives will find it incredibly difficult to stick with legacy systems when some cloud-centred companies have found success. Since moving from Security Information and Event Management (SIEM) offerings to the cloud, Accenture has saved up to 70% on its processes; recently, the company announced that it would invest US$3bn to help its clients ‘realise the cloud’s business value, speed, cost, talent, and innovation benefits’. 


The company stated: ‘Security is often seen as the biggest inhibitor to a cloud-first journey—but in reality, it can be its greatest accelerator’. 

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