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US-based NIST releases draft on Open Banking cybersecurity

The US National Institute of Standards and Technology has released a draft titled Cybersecurity Considerations for Open Banking Technology and Emerging Standards. 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 in several countries around the world, however, it is yet to be adopted in the United States. Anytime a system becomes more transparent, a potential for abuse occurs, and for Open Banking, that would be at the API level.

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