Irdeto, the world leader in digital platform security, and Rogue Wave Software, maker of Akana and a leading provider of API Management, API security and Microservices solutions for digital businesses, have announced a partnership to help banks and payment service providers (PSPs) protect their open APIs.
The partnership brings to the market a solution to secure open APIs, combining products that offer protection from the API gateway through to the end-user’s device or application. In addition to providing end-to-end protection, the partnership also helps banks and PSPs comply with PSD2’s Access to Account (XS2A) and Common and Secure Communication (CSC) requirements.
The payments and banking industry is undergoing digital disruption as financial institutions open their services to third-parties through open APIs. While this open banking approach creates new business models and fosters innovation, it also introduces a variety of security vulnerabilities.
The partnership between Irdeto and Rogue Wave addresses those vulnerabilities by providing services and tools to help protect APIs and applications against a wide variety of attacks, including Denial of Service (DoS), SQL Injections (SQLi), Man-in-the-Middle (MitM) attacks, malware injections and more.
“A successful cyberattack has the potential to permanently damage a financial institution’s reputation,” said Ian Goldsmith, Vice President of Akana Product Management, Rogue Wave. “Protecting open APIs is a critical step banks and PSPs must take to succeed in the ever-evolving financial landscape. Our partnership with Irdeto helps guide the financial industry through digital disruption to securely accelerate innovation.”
While open APIs connect financial enterprises with mobile apps and a large community of developers, these APIs also need to be scalable, reliable and secure. As banks and PSPs expand their services across digital channels they need to become more vigilant about security and protect their APIs against threats and cyberattacks.
“Financial institutions face a growing number of threats as cybercriminals look at different ways to exploit vulnerabilities from APIs,” said David W. Jones, Global Head of Payments & Banking, Irdeto. “In order to adequately protect customers’ sensitive financial information, banks and PSPs must secure their entire infrastructure from the API gateway to the end device or application. By partnering with Rogue Wave, we are providing financial institutions with the peace-of-mind needed to innovate freely.”
Cloakware for Payments & Banking by Irdeto helps banks and PSPs capitalize on digital disruption by taking security to the next level, enabling new services and accelerating innovation. Irdeto’s unique solutions for Payments & Banking help financial institutions prevent MitM attacks and mitigate tampering-based attacks. Irdeto protects and hardens applications and APIs from the client to the server, across all devices, browsers, interfaces and gateways, completely in-line with PSD2 and PCI security standards.
The new partnership between the pioneer in digital platform and application security and the largest independent provider of cross-platform software development tools, components, and platforms in the world will for sure make a dent in banking and finance. Considering that Irdeto works already for almost 50 years with software application providers, connected device manufacturers, pay media operators and content creators to secure their products and business models, combining proven technologies and services comes as a matter of course. Today, the company’s Cloakware for Payments & Banking solutions enable banks and PSPs to deliver a convenient and safe digital shopping or banking experience by safeguarding customer data even in the most hostile environments.