3/5  BIS central bankers' speeches  Cybersecurity and Operational Risks: Use of open banking architectures, which is premised on the enhanced sharing of data, increases the surface area for cyber frauds. As the open API provides uncluttered access to customer banking data such as transactions and balance stored within the infrastructure, it may also pose a severe cybersecurity risk.
2 Work at the ECB finds evidence that financial cycles, defined as the joint movement of house prices and credit,  are the single best predictors of banking crises (see Schüler, Y., P. Hiebert and T. Peltonen, (2016), “Coherent financial cycles: Why extending credit can be an asset”, SSRN Working Paper.