Open banking is set to take the financial world by storm. When consumers allow third parties to access their banking data, financial companies and institutions can create more tailored products and services and drive innovation, convenience, and value. However, inherent in the handling of sensitive financial information are cybersecurity risks, and they’re not going unnoticed: 53% of people surveyed in this report see open banking as a “dangerous” use of data sharing. It’s no secret that the financial services industry is a prime target for cybercrime, and with a cyber attack in the banking industry costing $18.3 million on average, could open banking raise this cost even further?

Rather than see these risks as a reason to step back from open banking, however, financial institutions should be proactive in mitigating potential threats and embrace all that open banking has to offer. There are risks inherent in using almost all financial services, but that doesn’t stop the majority of the global population from enjoying their benefits in one way or another.


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