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ReadersSpeak

How open banking will affect "Open banking offers new opportunities for the entire
business security considerations financial services industry. Whether it's improving
customer experiences through faster transactions or
layton Weir, chief strategy officer at FISPAN, improving accounting team outputs by cutting down
a contextual banking platform, sent us the lengthy deposit processes, the tech is here to stay. Securing
following perspective on the need for API any system requires initial security audits and extended
C security: testing must be part of any ecosystem that relies on API-
empowered data sharing.
"With open banking, banks will allow third parties access
to their application programming interfaces (APIs) to "At a practical level open banking is also introducing new
share financial information needed to develop custom authentication and authorization techniques that actually
apps and services. The integrated networks allow data to make banking data and banking actions (making large
flow between banks and internal accounting teams which payments) much safer, secure and visible than they were
is crucial for streamlining recurring payment and billing before."
processes, but like any technology, can present challenges The growing prominence of APIs
for organizations not well prepared.
We wish to thank Clayton Weir for sharing his insights on
"According to API Security a Top Concern for Cybersecurity this topic. The article he referred to above can be found
in 2020 by Ericka Chickowski on the Security Boulevard at https://securityboulevard.com/2020/01/api-security-a-top-
website, API traffic now makes up 83 percent of web concern-for-cybersecurity-in-2020/.
traffic today. So while the tech is increasingly here to stay,
organizations that don't implement proper security What roles do APIs play in your business? Is API security
protocols will find themselves at risk of API-based a top concern for your business this year? If so why is that,
attacks as the technology is increasingly embedded in and what are you doing to address it? Please send your
digital services. But any new challenge also presents an thoughts on this or other topics that are top of mind for
opportunity. your business to greensheet@greensheet.com.

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