Protecting APIs Against Security Threats
Know the potential security challenges faced by the banks in API management and how our Open Banking solution benefitted our clients with comprehensive governance framework and control measures to mitigate risk.
Open Banking offers financial institutions an opportunity to gain a competitive edge by providing customer-focused financial services with enhanced user experience. The potential impact on the market landscape and the size of opportunity empowers the financial institutions to consider the strategic directive, Open Banking.
On the other hand, compliance with Open Banking introduces technical challenges and mandates enhanced security controls to ensure sensitive data is not misused or not shared legally.
Open Banking brings in potential threats, such as security risks in exchanging data between third-party providers (TPPs) and banks (ASPSP) or hacked requests made via TPPs that may be vulnerable to third party fraud driven by malware.
This case study enables the readers to think through the potential security challenges faced by the banks in API management and how Macro Global’s Tavas – Open Banking Product Suite and Solution benefitted our clients with comprehensive governance framework and control measures to mitigate risk.