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      15 May 2025 TCS Recognized as One of the World’s Top 50 Brands by Kantar BrandZ; Brand Value Soars 28% YoY to $57.3Bn
      14 May 2025 TCS Partners with Khan Bank to Future-Proof its Operations, Enhance Customer Experience and Propel Innovation leveraging AI and ML
      12 May 2025 TCS Partners with Dhofar Insurance Company to Transform its Core Insurance Platform
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      TCS is here to make a difference through technology.

      Leading the way in innovation for over 55 years, we build greater futures for businesses across multiple industries and 55 countries.

      Discover all solutions
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      • Consumer Packaged Goods and Distribution
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      We’re in it for good, driving positive change for the benefit of all.

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      Find the latest news about TCS in our Newsroom

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      Discover more
    • Press releases

      Recent Press releases

      15 May 2025 TCS Recognized as One of the World’s Top 50 Brands by Kantar BrandZ; Brand Value Soars 28% YoY to $57.3Bn
      14 May 2025 TCS Partners with Khan Bank to Future-Proof its Operations, Enhance Customer Experience and Propel Innovation leveraging AI and ML
      12 May 2025 TCS Partners with Dhofar Insurance Company to Transform its Core Insurance Platform
      View all
    • News alerts

      Recent News

      02 May 2025 TCS Ranked Denmark’s #1 IT Service Provider for Customer Satisfaction in 2025
      11 Apr 2025 TCS Partners with Google Cloud to Accelerate AI-led Transformation in the Retail Sector
      01 Apr 2025 TCS Unveils the TCS Digital Twindex Report for Future-Ready Manufacturing
      View all
    • Analyst recognition

      Recent recognitions

      16 May 2025 TCS Recognized as a Leader in Custom Application Development Services by Everest Group
      16 May 2025 TCS Named a Leader in Application Management Services by Everest Group
      22 Apr 2025 TCS Ranked #6 Amongst Banking Technology Providers and Recognized as a Regional Leader across all Geographies by Everest Group
      View all
    • Events

      Upcoming events

      11 Jun 2025 TCS and PTC Present the North America Leadership Forum 2025
      04 Jun 2025 Veeva R&D and Quality Summit: Developing Better Health Outcomes
      02 Jun 2025 Siemens Realize LIVE: Discussing Technology and Digital Transformation
      View all
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      TCS works hand in hand with world-leading investors.

      Tata Consultancy Services Limited
      NSE:TCS
      INR
      Discover more FY24-25 debrief
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    • Global studies
    • TCS Risk & Cybersecurity Study

    Banks and financial services firms feel secure but wary

    Share Understanding Risk Assessment and Cybersecurity in Banking
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    Industry

    Banking This will open an overlay

    Banking Services Transformation: Unlocking Exponential Value

    TCS’ solutions help banks and FIs push traditional boundaries and build cognitive banking enterprises for better value, resilience, and inclusivity. Learn more.
    Learn More
     about Banking Services Transformation: Unlocking Exponential Value
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    Preparing Financial Crime Risk Management Frameworks
    In response to anticipated regulatory changes, FIs must reevaluate their risk management frameworks to address growing threats and stay resilient. Learn more.
    Article
    16 May 2025
    AI in European Banking: Adoption Challenges and Opportunities
    For successful AI adoption, banks must prioritize workforce reskilling, people and culture, and collaboration while navigating GDPR and EU AI Act. Learn more.
    Blog
    14 May 2025
    TCS at the AWS Financial Services Symposium New York 2025
    Meet us at the AWS Financial Services Symposium to hear our clients’ transformational stories and how we help them embark on their cloud transformation journey.  
    Events
    15 May 2025

    Services

    Cyber Security This will open an overlay

    Data and Cybersecurity to Fight off Cyberattacks

    With our expertise in IoT and AI techniques, TCS empowers enterprises to adopt robust cybersecurity strategies and fortify their operations. Learn more.
    Learn More
     about Data and Cybersecurity to Fight off Cyberattacks
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    Related Insights
    Identifying and Protecting EPC Firms Against Typical Cyber Security Threats
    Know about ransomware-as-a-service and the need for cybersecurity risk management and information security in EPC firms to manage effectively in changing times.
    Blog
    27 Jan 2022
    Consulting This will open an overlay

    TCS Consulting Services to Achieve Success in the Digital Era

    Our services provide clients with business innovation strategies to succeed in the digital world and ensure a seamless transformation journey. Know more.
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     about TCS Consulting Services to Achieve Success in the Digital Era
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    Related Insights
    The Making of a Cyber Resilient Organization
    Learn how TCS can help enterprises become cyber resilient to maintain awareness, enable resource prioritization, and facilitate risk mitigation.
    White Paper
    12 Dec 2022
    Divestiture Strategy: The Making of a Smooth Transition to Deal Value
    The second half of 2020 witnessed a rebound in M&A activity. Read how divestiture or divestment factories can ensure a smooth transition to deal value.
    White Paper
    14 Jan 2021
    IFRS 18’s Aggregation and Disaggregation: What BFSI CFOs Should Know
    The blog explores IFRS 18’s new requirements, their impact on financial reporting, and essential steps BFSI CFOs must take for their compliance journeys.
    Blog
    20 Feb 2025

    The TCS Risk & Cybersecurity Study: BFS Report

    Many banks and financial services (BFS) firms have adopted extremely sophisticated cybersecurity measures to safeguard their data and processes. Yet challenges within these companies can keep their chief risk and information security officers on the defensive, playing catch-up with cyber criminals.

    Read the report   about   The TCS Risk & Cybersecurity Study: BFS Report

     

    Risk, threats, and targets

    Battling cyber threats

    A chart comparing the cyber threats faced by the banking and financial services (BFS) industry and other industries. According to the CISOs we surveyed, the top threat for BFS firms are attacks that leverage AI or machine learning, with the risk from such attacks higher for BFS than for other industries. Another top threat is advanced social engineering attacks (watering hole, pretexting, whaling, etc.), which is higher in other industries. Open-source exploitation or risks from open-source solutions and crime-as-a-service rank third and fourth in top cyber threats for BFS with crime-as-a-service being slightly higher in other industries.


    We surveyed 79 chief information security officers and 75 chief risk officers of banking and financial services (BFS) firms in North America, Europe and the United Kingdom—and, for comparison, 453 of their counterparts in other industries—to see what’s unique about BFS cyber executives’ perspective. This industry is often a bellwether for risks soon to face all corporations, and issues of cybersecurity are no exception.

     

    Nothing succeeds like success

    Secure in the cloud

    An illustration shows that outperformers in BFS, or Pacesetters as we call them, are more likely to trust the security of cloud platforms than less successful firms in their sector or what we call BSF Followers. 45% of BSF Pacesetters are cloud-friendly, 27% of them are cloud-neutral, and 24% cloud-averse. Meanwhile, 21% BSF Followers are cloud-friendly, 31% of them cloud-neutral, and 39% are cloud-averse.


    When we looked at the banks and financial firms that had outperformed other survey participants in terms of both revenue and profit in recent years, we found some other interesting correlations. For example: these industry “pacesetters” were also more likely to trust the cybersecurity capabilities of cloud platforms for their business operations and data than were the least successful firms in their sector.

    One in a series of reports

    The TCS Risk & Cybersecurity Study surveyed over 600 CISOs and CROs in North America, Europe and the UK to learn what cyber challenges companies face today and how prepared they are for next-gen attacks.

    Read the master report   about   One in a series of reports

     

    About the study

    TCS Thought Leadership Institute conducted this study of more than 600 CISOs and CROs early in 2022 amid an unprecedented upsurge in increasingly sophisticated cyberattacks from criminals, sovereign states, and other bad actors exploiting global socio-political and economic tensions. The survey respondents were drawn from North American, European, and UK-headquartered companies in four industries facing an unprecedented onslaught of cyber threats and increased risks, whether to business data, customer data, their operations, trade secrets, or their supply chains: banking and financial services, manufacturing, utilities, and media and information services.

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