mmob and Security
Security is so important to mmob. This article explains the ways in which we put it first.
Data security and protection is rightly one of the most prominent themes that regulators, companies and consumers consider when it comes to Open Banking and Open Finance. Research shows that only half of consumers feel comfortable sharing data with financial providers and banks and only forty percent feel comfortable sharing data with third-party providers. This is thought to be due to the fact that the security credentials within Open Finance are often promoted in a complex and inaccessible way. However, firms who get this promotional process right can reap the benefits; ninety percent of consumers are willing to share data when they know it will benefit them financially.
Transparency around data handling and processing policies, as well as promoting awareness of robust information security measures, is key to bolstering consumer confidence in the Open Finance framework. With increased trust among consumers, financial institutions and third-party providers, the Open Finance ecosystem can be innovated to maximise the benefit for all stakeholders.
What Security Measures Do We Take?
The Intelligent Partnerships Infrastructure has been built using industry-standard systems designed to keep client and consumer data as secure as possible, in both the storage and transfer stages. The Infrastructure is comprised of layers that keep data siloed between consumers and clients to third-party providers, and data is only shared once consumers have given their consent for each data field required. No passwords are accessed or stored and only data needed to acquire a provider’s service is used.
The Infrastructure uses state-of-the-art technology to ensure data security on an end-to-end basis so data is encrypted throughout the user journey. An encryption key is used to store documents, which is only shared with approved parties. Further security is added through the use of the mmob network, an internal, enclosed space that is not connected to the internet and cannot be intercepted by an external party.
Nevertheless, we have operations procedures in place to ensure human error does not risk data security. Our team and work adhere to GDPR processes and safeguard the information we work with. We retain protocols in place should there be a breach to ensure security is restored in full immediately.
At mmob, we are very proud of our Intelligent Partnership Infrastructure and have made its security a priority for our clients. Our platform has undergone bank-grade penetration testing and uses the most robust forms of ongoing security to give our clients peace of mind that their data is safe.