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The TCS Risk & Cybersecurity Study: BFS Report


Risk, threats, and targets

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

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


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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