Security and Compliance
The Open Banking transformed the ecosystem financial to allow users to share your banking information with third parties in a secure and controlled manner. However, this access requires the strict standards of security to protect data and to ensure confidence in the system.
Why is it crucial to the security in Open Banking?
Each data exchange is an opportunity for innovation, but also a potential risk if not implemented adequate controls. The exposure of bank information, sensitive can generate fraud, unauthorized access and breaches of privacy.
In IQ Information Qualitywe specialize in ensuring the implementation of Open Banking in compliance with the best practices and international standards for cyber security.
Share banking information with third parties securely
Comprehensive protection and Regulatory Compliance
The entities involved in Open Banking must comply with regulations and strict controls to ensure the security of the data. Among the main aspects to be considered are:
- Check and Rigorous Regulatory Compliance: Third parties that receive data must have strong policies for processing of personal data and comply with current regulations.
- Customer care and Transparent Procedures: There should be effective mechanisms to manage queries and claims, to strengthen the confidence of the user.
- Risk management and High-Level Security: Implementation of advanced measures of cyber security, including positive assessment of risks.
- Advanced encryption and Protection of Sensitive Data: Use of encryption algorithms that are robust to protect the banking information during storage and transmission.
- Continuous monitoring and Detection of Anomalies: Implementation of monitoring systems to identify and mitigate threats in real-time.
Regulatory compliance in Open Banking
According to the Circular 004 February 7, 2024 of the Financial Superintendence of Colombia entities that are recipients of data must comply with the following requirements, validated by the entities monitored:
- Management of risks associated with the processing of personal data by frames of reference as ISO 27001.
- Data encryption with encryption algorithms strong.
- Vulnerability management platforms involved (example: Qualys).
- PCI DSS certified issued by a QSA if the receiver stores, processes or transmits card data, debit or credit.
How can we help you?
In IQ Information Quality, with 16 years experience cyber security and regulatory compliance, we help to fintechs, banks and financial institutions to implement Open Banking safely, complying with all current regulations.
