A double edged sword of opportunity versus security risk comes with Open Banking.
That’s the view of Akamai Technologies Asia Pacific Director of Security Technology Fernando Serto.
The firm which specialises in combatting cyber attacks against businesses witnessed an incredible 16.55 billion attempted frauds over the past two years, including 473.5 million against financial services firms.
And as banks and other finance providers extend the roll out the new regime which allows customers to share their data with approved third parties from July, he says they need to be even more aware of the threats.
Thirty-nine firms are going through the accreditation process with the
Australian Competition and Consumer Commission.
He said: “Open banking will afford new opportunities for financial services companies to gain competitive advantage by delivering superior user experiences and customer-focused services,” Mr Serto said…