ING CISO Urges Financial Institutions To Share Data To Improve Cybersecurity

Threats in the cybersecurity industry have continued to evolve. The growing threat has created the need for financial institutions to depend upon each other to protect the broader financial ecosystem.

The chief information security officer at ING, Beate Zwijnenberg, has addressed several challenges the bank faces in addressing fraud and cybersecurity.

Zwijnenberg noted that ING was concerned about the impact of a ransomware attack on its business and the systemic risks posed to customers and the bank. However, like many players in the financial industry, ING was working to address this threat.

Financial Institutions To Share Data To Improve Cybersecurity

While discussing the fraud risks, Zwijnenberg opined that cybercriminals were using improved technologies to better their attacks. Cyber-attacks were becoming more sophisticated and more difficult to detect. As banks improved their technologies, cybercriminals also used more sophisticated hacking methods.

Zwijnenberg noted that the best way to deal with the evolving hacking tactics was to understand a user’s landscape. Institutions also need to understand the kind of criminal organizations targeting them while monitoring any breaches or attacks by third parties.

One of the ways to address these challenges was to promote data sharing between financial institutions to detect the tactics, techniques, and procedures used by cybercriminals. It was also vital to understand an attacker’s perspective to find a better strategy to address the threat. Zwijnenberg also noted that financial institutions must share knowledge and learn from each other.

Different Industries Need To Share Knowledge On Cybersecurity

Zwijnenberg opined that sharing knowledge on cybersecurity threats was not just limited to the financial world. Other sectors, such as telecommunications and cloud providers, could also share knowledge and learn about different types of attacks.

“I truly believe that this is not only a banking challenge. A lot of social engineering starts for instance with people capable of creating a fake LinkedIn account. If you look to what I expect from telcos, but also from those platforms, that they play a key role in understanding what is the identity behind the identity,” she said.

She also noted that identifying the tactics and techniques used by hackers and sharing the same could help boost effectiveness and efficiency. She also noted that everyone needed to play a role in addressing the risk of fraud and cyberattacks while working closely with all the parties in the chain.