Cyber Security at the Heart of Open Banking

During the last year, the pandemic prompted a heavier reliance on technology, as well as the adoption of interconnected devices and hybrid work settings. As a result, we are more vulnerable to cyber-attacks than ever before. The chapter introduces open banking and cyber security concepts briefly, presenting the reasons for rising of open banking. An insight to open banking in India is also presented. In India, the non-banking financial companies are intermediaries responsible for open banking and customer consent management. The trend of open banking systems is depicted from recent years. A short description of various threats and key security measures are discussed. Further, the need and implementation of cyber security in open banking are elaborated. Finally, future perspectives and research challenges are described to extend work on cyber security mechanisms in open banking.