At the FuW FinTech Forum 2019, which took place on March 14, experts from the banking industry met in order to discuss digital transformation in the finance sector. In keeping with the “beyond banking” motto, we had the opportunity to highlight Cyber Security issues in open banking.
Cyber crime in the world of open banking can be compared with a medieval castle: attackers attempt to force their way inside, and not just via the main gate. On the contrary, attacks come from multiple sides at the same time, with the attacker looking for an open window, building tunnels and even launching airborne attacks. To date, banks have been solid castles, and almost impossible to take over. As a result of open banking, banks are now opening up their systems and sharing data with third parties – the castles are opening their gates to attackers.