Cybersecurity in the Financial Sector: Dr. Thomas Helck in Interview
News, 07/04/2025
On March 26, 2025, Sopra Financial Technology organized the Cyber Crime Dinner at Villa Merton in Frankfurt. In an exclusive atmosphere, decision-makers from the financial industry discussed pressing questions of digital resilience. A highlight of the evening was the keynote speech by Dr. Thomas Helck, one of the top 50 business lawyers according to Wirtschaftswoche and a former prosecutor. With practical insights and legal expertise, he shed light on the challenges and solutions in the field of economic crime.
We were able to secure an interview with Dr. Helck. Below, he shares his recommendations and experiences on the prevention and response to cyberattacks in the financial sector.
What initial steps do you recommend for companies in the financial sector to protect themselves against an acute cyberattack?
Dr. Thomas Helck: Essential preventive measures include: creating a security concept with identification of risk areas and assignment of responsibilities. Labor law and data protection aspects may need to be considered. Effective compliance also requires communication within the company, such as who to contact in case of IT security incidents, and regular employee training.
What legal pitfalls do you often see in the response to cyberattacks and how can companies avoid them?
Dr. Thomas Helck: Data protection regulations can be problematic, especially when accessing personal data of customers, business partners, or employees. Reporting obligations must also be observed. It is legally controversial to what extent paying a ransom can be considered a criminal offense, such as supporting a criminal organization or financing terrorism. Therefore, it is very advisable to involve the legal department and, if necessary, external experts at an early stage.
How has the threat level of economic crime changed in recent years and what new challenges do companies face in the future?
Dr. Thomas Helck: The technological advancements through more powerful IT systems, AI applications, and the widespread availability of malware on the internet lead to higher risks of becoming a victim of cyber-attacks. Therefore, companies should regularly adapt or renew their IT systems and internal (emergency) processes.
You are listed among the top 50 lawyers in the field of economic crime by Wirtschaftswoche. What led you to this career path and what experiences have particularly shaped you?
Dr. Thomas Helck: My five-year tenure as a prosecutor greatly helps me understand how judicial authorities are organized, what investigative options they have, and what they expect from the parties involved (e.g., suspects, witnesses, lawyers) in a specific case. Additionally, my more than 12 years of experience working for international large law firms have given me an understanding of the complex decision-making processes and many stakeholders within a company. My calm, reliable, and solution-oriented approach is particularly appreciated by my clients in crisis situations, such as during house searches.
Thank you very much, Dr. Helck!