{"id":11462,"date":"2018-11-05T11:36:23","date_gmt":"2018-11-05T11:36:23","guid":{"rendered":"http:\/\/bulletins.bfconsulting.com\/?p=11462"},"modified":"2018-11-05T11:36:23","modified_gmt":"2018-11-05T11:36:23","slug":"addressing-cybersecurity-in-financial-institution-fintech-partnerships","status":"publish","type":"post","link":"https:\/\/bulletins.bfconsulting.com\/en\/addressing-cybersecurity-in-financial-institution-fintech-partnerships\/","title":{"rendered":"Addressing cybersecurity in financial institution-FinTech partnerships"},"content":{"rendered":"<p>Partnerships between financial institutions and FinTechs must go beyond the customer value proposition and provide embedded cybersecurity at all stages of the customer journey. Open APIs present an incredible opportunity for financial institutions to acquire, engage and transact with customers as well as for FinTechs to introduce new technologies and improved customer experiences. However, both financial institutions and FinTechs must be aware of the threats presented by the modern technological world as well as their responsibilities to regulators and customers to keep sensitive information and funds safe.<\/p>\n<p>Protecting against threats requires an ecosystem-wide approach to cybersecurity that includes vetting partners, granular monitoring of API usage, verification of partner systems and tokenization of sensitive customer data with a token or placeholder. Moreover, financial institutions and FinTechs must develop comprehensive security incident and event management (SIEM) capabilities that include response and notification policies and procedures. Building strong and trusted three-way (financial institution-FinTech-customer) relationships will ensure that all three can grow together, reaping the benefits of new technologies and opportunities in a safe and responsible way.<\/p>\n<div class=\"rpbt_shortcode\">\n\n<div id='rpbt-related-gallery-1' class='gallery related-gallery related-galleryid-11462 gallery-columns-3 gallery-size-thumbnail'><figure class='gallery-item' role='group' aria-label='The impact of PSD2 in Ukraine'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/the-impact-of-psd2-in-ukraine\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2019\/06\/the-impact-of-psd2-in-ukraine-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-12911\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-12911'>\n\t\t\t\tThe impact of PSD2 in Ukraine\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='BFC FinTech Monitor (June 2023)'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/bfc-fintech-monitor-june-2023\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2023\/07\/ubLe111-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-17176\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-17176'>\n\t\t\t\tBFC FinTech Monitor (June 2023)\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Video: the rise and fall of a Silicon Valley disrupter'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/video-the-rise-and-fall-of-a-silicon-valley-disrupter\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2019\/02\/Theranos-Elizabeth-Holmes-and-the-Cult-of-Silicon-Valley-150x150.jpeg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-12211\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-12211'>\n\t\t\t\tVideo: the rise and fall of a Silicon Valley disrupter\n\t\t\t\t<\/figcaption><\/figure>\n\t\t<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Partnerships between financial institutions and FinTechs must go beyond the customer value proposition and provide embedded cybersecurity at all stages of the customer journey. Open APIs present an incredible opportunity for financial institutions to acquire, engage and transact with customers as well as for FinTechs to introduce new technologies and improved customer experiences. However, both &hellip;<\/p>\n","protected":false},"author":5,"featured_media":11510,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10,16],"tags":[184,287,335],"_links":{"self":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/11462"}],"collection":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/comments?post=11462"}],"version-history":[{"count":3,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/11462\/revisions"}],"predecessor-version":[{"id":11511,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/11462\/revisions\/11511"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media\/11510"}],"wp:attachment":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media?parent=11462"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/categories?post=11462"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/tags?post=11462"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}