Design and Security Considerations for Mobile Open Banking Applications (2023)
Mobile Open Banking Applications Dissertation – The introduction of open banking by financial institutions aims to streamline banking operations and enhance efficiency. This model allows financial entities to offer their APIs to third-party services, which can then access and disseminate customer data with permission. By granting data access to mobile applications, customers can conveniently manage and view their bank account details from various institutions within a single platform. While this development has made financial management more accessible, it introduces significant security concerns for banks.
The primary security risks associated with open banking mobile apps stem from potential vulnerabilities in both the apps and their underlying operating systems. Threats such as cyberattacks, malware, identity fraud, and data breaches are prevalent, often arising from substandard user interfaces, inadequate encryption methods, or flawed encryption implementations.
Effective system design is essential for open banking applications. Developers must establish clear system requirements encompassing inputs, outputs, processing protocols, and data storage mechanisms. Ensuring robust system design and adherence to these requirements can significantly bolster the security of open banking applications. The study indicates that the EU’s PSD2 directive, which was established to promote data sharing, may require further modifications. By addressing these security concerns, it is possible to improve the overall data protection and reliability for financial institutions involved in open banking.
- 10,000 words – 42 pages in length
- Excellent use of literature
- Good analysis of subject area
- Well written throughout
- Ideal for computing and cyber security students
1 – Introduction
Research Motivation
Dissertation Structure
Dissertation Background
Problem Statement
2 – Literature Review
What is Open Banking?
Open Banking Architecture and Mobile Banking Overview
Security Challenges in Mobile Application Banking
IOS Security Challenges
Android Security Challenges
Mobile Application Banking Security Challenges
3 – Experimental System Design
Fundamentals of Open Banking Application Design
Open Banking Architecture and Design
Open Banking APIs
4 – Evaluation
Threat Analysis
Assets
Threat Agents
Security Threats
Vulnerabilities
5 – Discussions of Findings
6 – Conclusion and Final Thoughts
Understanding Open Banking and Its Security Implications
Design Challenges and Security Requirements
Security Threats and Vulnerabilities
Internal Threats
External Threats
Data Leakage and Insecure Storage
Challenges in Addressing Security Concerns
Regulatory Gaps
Integration with Third Parties
System Design and Security Measures
Enhancing Encryption and Certificate Management
Addressing Vulnerabilities in Mobile Operating Systems
Regular Security Audits and Updates
Training and Awareness
Conclusion
Bibliography
