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      Adaptability starts here
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      15 Jul 2025 TCS & MIT Sloan Management Review Launch New Research Series; Unveil Roadmap for Human-AI collaboration in Enterprises
      10 Jul 2025 Robust Order Book and Operational Resilience mark TCS’ Q1
      View all
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      16 Jul 2025 TCS Launches AI-Powered Research & Innovation Centre in Singapore to Accelerate Enterprise Innovation at Scale
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      03 Jul 2025 TCS Unveils the 2025 Edition of TCS InQuizitive Across 12 Indian Cities, To Spotlight India’s Brightest Young Minds
      View all
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      17 Jul 2025 TCS a Leader in Life and Annuities Insurance BPS and Third-Party Administrator Services: Everest Group
      15 Jul 2025 TCS Recognized as a Leader in Healthcare Provider Digital Services by Everest Group
      01 Jul 2025 TCS Recognized as a Leader in Pharmacovigilance Operations Services by Everest Group
      View all
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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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    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.
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     about Banking Services Transformation: Unlocking Exponential Value
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    Generative AI will help BFSI firms enhance the efficiency of risk assessment and transform their risk and compliance function into a proactive, preventive model.
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    Leveraging Agentic AI for Dispute Management in Real-time Payments
    As the youth redefine financial planning, lenders must evolve and offer niche mortgage types like microloans and green mortgages to stay relevant in the new era.
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    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.
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     about Data and Cybersecurity to Fight off Cyberattacks
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    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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    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.

    Adaptability starts here

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