Codat joins forces with leading fintechs and security compliance companies to define new data security standard optimized for early-stage companies handling sensitive information.
At Codat, we firmly believe that an open data ecosystem holds vast potential to fuel the growth of small businesses and their contribution to the global economy. But it’s critical to ensure that this develops in a way that is fit for purpose and works to the benefit of small businesses. Our latest research, based on a survey of 800 small businesses, shows that data security is the top concern when it comes to Open Finance, which is why it’s so important to create a transparent, tailored and rigorous set of best practices for any provider seeking to enter the market.
That’s why we’re pleased to announce that Codat has joined as a supporting member of the Open Finance Data Security Standard (OFDSS) along with a consortium of leading fintech and compliance companies. Together we can set a precedent for emerging Open Finance providers to follow and raise the bar for data security even higher across the industry.
What is OFDSS?
The OFDSS focuses specifically in setting a common standard for data security in the Open Finance industry. They have established 79 individual security requirements across 13 control domains that address common data security risks, from incident management to access control and cryptography. It is designed to be a living document that will evolve over time to meet the needs of the industry, incorporate new technology, and mitigate emerging risks.
It’s refreshing to see that this standard has been created for the modern age. Rather than outdated requirements around on-premise data management and other irrelevant controls, OFDSS focuses on the most important security considerations for a cutting-edge financial technology firm.
Setting new security standards for the Open Finance ecosystem
Codat has become a member of the OFDSS alongside companies like Flinks, MX, Plaid and Truework. By joining this network, we have committed to implementing the framework alongside a variety of pilot partners and we’re looking forward to working with the other members to further advance the standard going forward.
If you are interested in learning more about OFDSS, please visit: https://ofdss.org/