FCA’s McTeague examines cyber risks in open banking

Entrance to the FCA building in London's Canary Wharf

The arrival of ‘open banking’ in Europe heralds new opportunities but also may amplify cyber risks in the short term, the Financial Conduct Authority’s Karina McTeague said in a recent speech.

On January 13, consumers were given new ways to access their bank accounts and share data when Europe’s second payment services directive went live.

McTeague, who is director of retail banking supervision, said in some respects the new rules may promote security. For instance, the use of application

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