DALLAS, September 17, 2019 – Trend Micro Incorporated (TYO: 4704; TSE: 4704), a global leader in cybersecurity solutions, today release research demonstrating that major new European banking rules could greatly increase the cyberattack surface for financial services firms and their customers.
The new research details the impact of the EU’s Revised Payment Services Directive (PSD2), which is designed to give users greater control over their financial data and the option of sharing it with a new breed of innovative Financial Technology (FinTech) firms. The same ideas are spreading globally under the term “Open Banking.”
“The financial sector has always been a highly attractive target for cybercriminals, and PSD2 and Open Banking are set to offer hackers even more opportunities to steal sensitive personal and financial information,” said Ed Cabrera, chief cybersecurity officer for Trend Micro. “Our concern is that the industry may not be fully prepared to deal with this greatly expanded attack surface. That’s why we wanted to understand the risks before they occur, so we can help FinTechs and traditional lenders protect their assets first.”
The report highlights several possible attack scenarios under the new regulatory regime:
To prepare for the changing landscape, Trend Micro details how financial institutions can improve their cyber resilience. These include ensuring sensitive information is never contained in URL paths, prioritizing secure protocols, and eliminating risky practices.
Meanwhile, Open Banking app developers and owners must adopt a secure-by-design approach, including regular software audits.
To find out more about the cyberrisks associated with new Open Banking rules, read our report, Ready or Not for PSD2: The Risks of Open Banking, here: https://www.trendmicro.com/vinfo/gb/security/news/cybercrime-and-digital-threats/the-risks-of-open-banking-are-banks-and-their-customers-ready-for-psd2.