
Attention Business and Technology Editors
PRESS RELEASE: OCTOBER 23, 2024
Open Banking Adoption Rises, But 70% of Users Fear Data Privacy Risks
Managed Privacy Canada introduces www.OpenBankingPrivacy.ca to protect sensitive financial data in the open banking ecosystem.
Toronto, Canada, October 23, 2024 – As open banking adoption accelerates, giving consumers greater control over their financial data, a recent survey reveals that 70% of users are concerned about data privacy risks. This growing concern stems from the complex nature of data-sharing practices between financial institutions and third-party service providers, exposing sensitive information to potential breaches and misuse.
To address these escalating privacy concerns, Managed Privacy Canada is proud to announce the launch of www.OpenBankingPrivacy.ca, a dedicated platform designed to safeguard the financial data of users participating in the open banking ecosystem. Visitors to the site can access a free brochure detailing Managed Privacy Canada’s comprehensive privacy services, including Privacy Impact Assessments, Privacy Policy Reviews, Visual Data Inventory, and more. These tools are designed to empower businesses to navigate privacy complexities with confidence.
“As open banking transforms how consumers manage their finances, it also presents significant privacy challenges,” said Claudiu Popa, CEO of Managed Privacy Canada. “www.OpenBankingPrivacy.ca provides robust tools to help organizations protect user data, offering peace of mind to consumers who are concerned about how their sensitive financial information is handled.”
Key Benefits of www.OpenBankingPrivacy.ca:
- Data Privacy Assessments: Thorough evaluations to ensure that financial institutions and service providers adhere to stringent privacy standards.
- Regulatory Compliance: Tools and resources to help organizations comply with open banking regulations and data protection laws.
- Risk Mitigation Strategies: Expert guidance on identifying and mitigating privacy risks related to data sharing in open banking environments.
- Continuous Monitoring: Ongoing surveillance of third-party services to ensure data protection remains top of mind.
Managed Privacy Canada invites companies to explore partnership opportunities that enhance their ability to confidently adopt open banking while maintaining robust privacy protection and regulatory compliance. Together, we can strengthen the financial industry against privacy threats and foster a safer environment for open banking innovation. Visit www.OpenBankingPrivacy.ca to learn more about joining us in this important initiative.
About the Company:
www.OpenBankingPrivacy.ca is a project by the Informatica Group of Companies.
Datarisk Canada and Managed Privacy Canada specialize in managed security and privacy solutions for the small and mid-size market, with products and solutions designed to meet the growing needs of approved professional associations.
MEDIA QUESTIONS:
Media and interviews: Claudiu Popa, Risk Advisor
[email protected]
Follow MPC on Twitter:@ManagedPrivacy or at
https://Facebook.ManagedPrivacy.ca and
https://LinkedIN.ManagedPrivacy.ca
