Open Banking Establishes New Access to Banks’ Networks, Creating Additional Security Issues

Financial organizations are having to find a balance between security and usability as they work to maintain and strengthen the trust of consumers.  Open banking has created a shift where organizations now have an ecosystem of partners that they also need to ensure are secure.  “Security is only as good as the weakest link in the network of ecosystem partners, and the global trend toward open banking is increasing the spiderweb of interconnectivity among banks and third parties — creating additional points of weakness and vulnerability in banks’ network security,” said Alan McIntyre, global head of Accenture’s Banking practice.  As open banking continues to grow and evolve, financial organizations are urged to always verify the security of a potential partner before allowing them access to organizational data. 

Relevant URL(s): https://www.helpnetsecurity.com/2019/05/08/open-banking-security-issues/