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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.
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.
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.
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.
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.