Summary How financial services cyber regulations are hotting up for API security | BetaNews betanews.com
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Financial services firms are at higher risk of cyberattacks due to the increased use of APIs, leading to stricter regulations and regular penetration testing in the EU to ensure cybersecurity.
Slides
Slide Presentation (12 slides)
Key Points
- Financial services firms heavily rely on APIs to connect with their ecosystem and improve customer experience.
- The financial services industry is disproportionately targeted by cybercriminals due to the vulnerabilities created by APIs.
- Fragmented cyber regulations exist to protect banks while balancing innovation and international competitiveness.
- The European Central Bank plans to stress test the cyber resilience of top banks in the Eurozone.
- The lack of API standards creates challenges for third-party service providers in connecting to different financial institutions.
- The upcoming PCI DSS v4.0 standard explicitly acknowledges the importance of APIs in the payments industry.
- EU financial entities must comply with the Digital Operational Resilience Act (DORA) by January 2025, which standardizes cybersecurity incident reporting and testing.
- The NIS2 Directive aims to strengthen cybersecurity risk management requirements and expands its scope to include more sectors and entities.
Summaries
28 word summary
Financial services firms are increasingly using APIs, but this also makes them vulnerable to cyberattacks. EU financial entities face stricter regulations, including regular penetration testing to enhance cybersecurity.
84 word summary
Financial services firms rely heavily on APIs to connect with their ecosystem and provide innovative products and services. However, this reliance also presents vulnerabilities and makes the industry a target for cybercriminals. As a result, there are an increasing number of cyber regulations aimed
Financial entities in the EU are facing stricter cybersecurity regulations, including advanced threat-led penetration testing every three years. The Directive on Security of Network and Information Systems (NIS2), which came into force in January 2023, aims to strengthen cybersecurity risk