NIST report offers cyber considerations for ‘open banking’ targeted at financial sector

NIST is exploring in a new report how banks can boost their cybersecurity practices when transitioning to “open banking” ecosystems, which are designed to improve the customer experience through using “specific security profiles, application interfaces, and guidelines.”

The report says, “’Open banking’ (OB) refers to a new financial ecosystem that provides more choices to individuals and small and mid-size businesses concerning the movement of their money, as well as information between financial institutions. Open banking is already being used...