Everyone is excited about Open Financ

[lebewa8200]

Everyone is excited about Open Finance expanding beyond just banking to insurance and mortgages, but the attack surface is going to explode. Insurance APIs are historically even less secure than banking ones. We need a unified security standard before we open the floodgates. There was a solid analysis on securing Open Banking APIs and the strategies for mitigating risks in third-party integrations: https://cybersecuritynews.com/secur...mitigating-risks-in-third-party-integrations/ regarding this expansion. It argues that API gateways need to be much smarter, using AI to detect logic abuse, not just volume spikes. Traditional WAFs just aren't cutting it against sophisticated botnets anymore.

 

[marlowefrank]

The expansion of Open Finance into insurance and mortgages significantly increases the complexity of managing financial risk. APIs in insurance are often less mature than those in banking, which can expose sensitive client data if not carefully monitored. Mercer Wealth Management emphasizes a proactive approach, ensuring that clients’ financial information is securely managed while taking advantage of new financial services. Using intelligent systems to monitor API activity and adopting unified security standards can help mitigate exposure. More guidance on protecting client assets and navigating these evolving financial ecosystems is available on their website. Establishing these safeguards early is key to maintaining trust as Open Finance grows.