Open banking - what’re the security risks?
January 2018 by Darren Anstee, Chief Technology Officer at Arbor Networks
With open banking due to come into force tomorrow, financial services organisations must ensure they have sufficiently mitigated against the unique security implications posed by this legislation. The comment from Darren Anstee, Chief Technology Officer at Arbor Networks.
“Open Banking has potential to enable both new financial services and streamline existing ones. The new APIs and inter-business interaction do however pose additional security risks. New processes, and to an extent new technology, always challenge us. Mistakes occur, and of course bad actors find ways of exploiting new systems.
“The financial sector tends to be very well resourced when it comes to security, but new service providers and new services from existing providers represent some additional risk. Appropriate preparation, and the use of the right technologies and processes, can minimise this risk but we can never be 100% confident that we have covered all bases.”