Securing bank systems in the new world Open banking exposes endpoints in banks to third parties , so requires appropriate levels of audit , control , and monitoring . The current manual auditing and static reporting practices are not sufficient , and given the speed at which threats manifest themselves , an automated continuous API Security Assessment is needed . Using a dynamic , real-time automated tool to analyze your open banking readiness – quantitatively and qualitatively – is the preferred approach , which provides actionable insights and remediation measures . API security issues highlighted by such tools may require you to refactor the processes , applications , internal policies , and people to reduce the security gaps , and help you integrate with external third parties that you may not have a contractual relationship with .
The fundamental ingredients for the success of open banking in the Middle East are either in place , or at least in planning and consultation stages . To make this an opportunity to modernize , compete , and monetize , banks need to look front to back at their systems , processes , security , and their approach to collaboration with FinTechs and technology providers . Regulators need to work with financial services organizations too , as open APIs evolve over time to match customer expectations .
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