Are APIs Putting Financial Data At Risk?
We live in a world where billions of login credentials have been stolen, enabling the brute-force cyberattacks known as "credential stuffing", reports CSO Online. And it's being made easier by APIs:APIs also make it easier to extract information automatically, the article notes, while security experts "have long expressed concerns that implementation errors in banking APIs and the lack of a common development standard could increase the risk of data breaches. "Yet the EU's " Payment Services Directive " included a push for third-party interoperability among financial institutions, so "most banks started implementing such APIs... Even if no similar regulatory requirements exist in non-EU countries, market forces are pushing financial institutions in the same direction since they need to innovate and keep up with the competition."