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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.
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.
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.
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.
