Using recent high-precision measurements of electric dipole matrix elements of atomic cesium, we make an improved determination of the scalar (α) and vector (β) polarizabilities of the cesium 6s^{2}S_{1/2}→7s^{2}S_{1/2} transition calculated through a sum-over-states method. We report values of α=-268.82(30)a_{0}^{3} and β=27.139(42)a_{0}^{3} with the highest precision to date. We find a discrepancy between our value of β and the past preferred value, resulting in a significant shift in the value of the weak charge Q_{w} of the cesium nucleus. Future work to resolve the differences in the polarizability will be critical for interpretation of parity nonconservation measurements in cesium, which have implications for physics beyond the standard model.