HUBTALK #5 – Security in Open Finance
Security is one of the key enablers of digital finance as well as a key challenge for both incumbents and Fintechs that aim at reshaping the world of finance. It is also the main topic of the fifth article of our HUBTALK series, which today features Vincent Bouckaert (Cybersecurity and SecDevOps Engineer, LUXHUB). Our security expert discusses the need for all players active in the ever-growing Open Finance era to protect themselves, as well as their partners, and of course consumers. And leverage best practices and industry standards to ensure maximum security.
Today’s world is filled with innovative and flexible digital services that suit the ever-changing needs of consumers. Such services, that are often personalized and adapted to new habits, require an extensive collection and processing of personal data, which then enable the creation of intuitive and easy-to-use standards.
“The digital demand is growing in all sectors. And therefore, the amount and variety of data being processed on a daily basis has never been higher. Consumers are clearly benefiting from innovative, out-of-the-box and unique solutions. But as service providers, we have a tremendous responsibility in making sure that these solutions remain secure and transparent”, comments Vincent Bouckaert.
Furthermore, cyberattacks are increasingly frequent and can have devastating consequences when successful, whether they target individuals at home or large corporations or public bodies. In many cases, such attacks cause a loss of trust from customers or citizens, sometimes leading to bankruptcy for highly publicized cases against companies.
The financial services industry is of course not immune from cyber-attacks, and its actors must follow basic cyber hygiene principles.
How recent and powerful cyberattacks impacted the financial services industry
Over the years, many financial institutions were hit by cyber criminals with varying goals, ranging from thefts to extortion and even to political/ideological leverage. There are many examples showing that the number of cyberattacks is growing:
- A national bank was attacked and many of its services were impacted, including the bank’s ATMs, internal network, mobile apps, etc.