Security and Compliance in an Open Banking World
Across the world, financial institutions are responding to market-driven and regulatory-driven Open Banking initiatives. In this video, Frederik Mennes, Director of Product Security at OneSpan, discusses Open Banking in the UK, US, Europe, Australia, and Asia-Pacific, and the security risks financial institutions need to be aware of when interacting with third-party providers (TPPs). Learn how FIs…
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Resilience Series ep3 part2 – What is Cyber Resilience? A Conversation with Chip Harris
In this interview, Chip Harris, a cybersecurity expert, discusses what cyber resilience means to him. He emphasizes the importance of being a little paranoid in today’s highly connected world and highlights the need to verify information and data to build barriers against social engineering, privilege escalation, and other potential threats.
Chip leads a red team and stresses the need to build thicker-skinned resilience into security practices. He encourages people to not be afraid to ask questions and to verify requests for access, especially when dealing with administrator access to systems. He emphasizes the need for interactive communication and looking at the bigger picture of security in companies to better deal with potential security issues.
Security Risks of Open Banking – Feike Hacquebord, Sr. Threat Researcher, Trend Micro
“Security Risks of Open Banking” presented by Feike Hacquebord (Sr. Threat Researcher, Trend Micro) at our Cyber Tech & Risk – Security for Open Banking virtual event on July 8, 2021 (https://cybertechrisk.com/project/virtual-event-highlights-security-for-open-banking-july-8-2021/).
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Open Banking: the future of our data
How safe is your data? ⤵️ ⤵️ ⤵️
What is open banking?
⚠️ Open banking is the practice of enabling secure interoperability in the banking industry by allowing third-party payment service and other financial service providers to access banking transactions and other data from banks and financial institutions. Third-party organizations are able to access the data through the use of application programming interfaces, or APIs. As the global economy continues to evolve, open banking is becoming more popular, because it allows for faster, more secure transactions anywhere in the world and it gives consumers more opportunities, through the use of third parties, to manage their finances. Open banking is enabled by a series of technologies, regulations, and services that aim to allow developers to create new banking services, new banking business models, and new commerce capabilities
Why open banking appeared in our daily lives?
⚠️ Open Banking was introduced to increase competition and speed up innovation within the market! It will essentially cut out the middleman and third-party providers can assist you in the saving and borrowing of money, in a supposedly simpler way
⚠️ Is open banking safe?
With great opportunities for fintech and customers alike, open banking amplifies the risk of data breaches, as customers’ personal financial information now sits not only within banks’ databases but is also available for third parties. Because a lot of breaches happen due to human error, it is suggested to get rid of things such as usernames, passwords, and SMS-based two-factor authentication (2FA) because these are security hazards that people can trip over. Open banking might be brilliant in terms of what it provides, but it is a big concern for banks, customers, and businesses.
0:24 What is Open Banking?
1:09 Risks to our personal data
3:34 Bottom line
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