We believe the open banking concept exposes cyber risk and cyber-hacking to a degree that's a lot larger than the current regime allows or permits. As I said, banks spend a lot of money on privacy standards and even they get hacked, so how about these new entrants, fintechs, that would likely spend very little compared to the banks or the insurance companies? Public policy-makers, such as you, need to keep that in mind when devising public policy on this. That's really the issue we are raising.
On February 27th, 2019. See this statement in context.