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Cybersecurity Solutions For Open Banking

Ensure Data Is Secure, APIs Are Protected and Services and Apps Are Available

Safeguard The Digital Banking Experience

Open banking is revolutionizing the way in which customers access financial services and bank. At its core, open banking is the ability to share customers' financial information through open APIs, enabling fintech service providers to build and offer innovative services.

The use of publicly available APIs, however, means a broader threat surface that needs to be protected against abuse and malice. To ensure customer loyalty and safeguard their brand, banks and fintech institutions must deliver digital banking solutions that provide a secure experience for today’s tech-savvy consumers.

Top Three Concerns For Open Banking Providers

By 2022, application programming interface (API) attacks will become the most-frequent attack vector, causing data breaches for enterprise web applications, according to Gartner. In addition, organizations see API security as an area of growing concern. Fifty-five percent call it a “top priority” while 59% say they want to “invest heavily” in it in 2021 and 2022, according to Radware research. The three top cybersecurity concerns for open banking are:

An Increased Attack Surface

Radware research shows that 55% of organizations experience monthly DoS attacks against their APIs, 48% experience monthly injection attacks and 42% experience monthly element/attribute manipulation. Other attacks include API authentication and authorization attacks.

Bot Attacks on APIs

Bot attacks are automated programs scripted to breaking into user accounts, stealing identities, payment fraud, scraping content, pricing, coupons or data, spreading spam or propaganda and impacting business activities.

Prevent Service Disruption

Dependence on third-party APIs and components may lead to unintended service disruptions if API services are unavailable due to security, network and application configuration errors, API denial-of-service attacks or application or authentication infrastructure outages.

 

Frictionless Application & API Security

Radware’s application and infrastructure protection solution is designed to secure APIs from denial-of-service, application and bot attacks while protecting APIs against vulnerabilities and manipulations. Radware’s application protection detects malicious user activity flags excessive permissions and entitlements and prevents service disruptions.

Application and API Protection

Consistent Application and API Protection

Radware secures applications and APIs via API attack protection, preventing DDoS attacks, securing PII data and detecting excesssive premisions and malicious user activity.

Adaptive Security

Radware application protection continuously detects changes to application and user behaviour to ensure applications and APIs stay secure.

Adaptive Security
Deployment For Any Architecture

Deployment For Any Architecture

Grow and scale application security for all environments, from Kubernetes to managed deployments for on-premise and cloud environments

Specialized Protection for Open Banking APIs

Bot Manager secures internal and external APIs that drive back-end systems, mobile applications, and other essential services used by BFSI organizations. Bot Manager addresses gaps in unique source identification in machine-to-machine communications by detecting bots targeting embedded financial services APIs.

Adaptive Security

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