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Information security in the banking sector – from the one-man show to (international) cooperation

  • July 12, 2023
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In few industries will the topic of cyber security receive as much attention as in the banking world. In today’s world of online banking, that’s hard to imagine,

Eddy Willems gdata

In few industries will the topic of cyber security receive as much attention as in the banking world. In today’s world of online banking, that’s hard to imagine, but that was very different once upon a time.

In the latest episode of the My Precious Data podcast series, Eddy Willems, Security Evangelist at G DATA CyberDefense, talks to Michael Samson, who was Information Security Advisor at the Netherlands Bankers Association (NVB) for 12 years. In an interview, he talks about his beginnings at NVB, when information security was actually still in its infancy.

Samson has now been retired for almost five years, but worked at NVB from 2002 to 2014 as an IT and information security consultant before joining the Dutch Payment Association in 2014 as a risk management policy consultant.

Cooperation

In the episode, Samson tells that he was the only one within the NVB dealing with information security at the beginning of this century. However, since all member banks faced the same challenges and threats, a system was soon put in place to facilitate sharing information about vulnerabilities among themselves.

Openness (to a degree) was the key here, as Samson’s story shows. The goal was to learn from each other. Based on the Traffic Light Protocol, a gradation was also made as to whether and how information about (possible) vulnerabilities may be passed on. At TLP:RED, for example, information may not be passed on in writing or by e-mail, but only orally.

First major DDoS attack

The first large-scale DDoS attack on Dutch banks is also discussed, a completely new experience for everyone involved, which ultimately led to a further professionalization of information security in the Dutch banking sector.

The conversation between Eddy Willems and Michael Samson shows once again how cybersecurity benefits from openness and consultation. And that does not have to be limited to national borders, there is also a lot to learn from one another internationally.

Listen to the latest episode of My Precious Data and learn how Eddy got his Security Evangelist title. The podcast can be found in the following locations:

  • buzzsprout
  • Apple Podcasts
  • Google Podcasts

This is a contribution by Eddy Willems iSecurity Evangelist at G DATA CyberDefense AG. More information about the company’s security solution can be found here.

Source: IT Daily

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