Tomcat version which is bundled with Report Server (CABI 3.3 SP1) is having a lot of vulnerabilities and as per the scan we did, needs to be upgraded to atleast 7.0.59 or higher. Please refer to case "00114103" for more details.
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Thanks Eric. This is very interesting, since we had a lot of discussions with CA support and engineering regarding a stand alone version of Tomcat and they confirmed multiple times saying it's not supported. Anyway I am going to post the same question with this thread. Thanks again for your help.
Finally found the link to the upgrade instructions: Upgrading CABI 3.3 SP1 Tomcat version-windows.pdf
Chris_Thomas has posted Tomcat upgrade instructions for CABI 3.3 SP1 to the Community as a work-around. Having a newer version bundled into the installer would be nice, though.