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Blog: August 2022 Update
Open Finance Data Security Standard (OFDSS) releases updated framework V1.2 with expanded security requirements.
About OFDSS
OFDSS was created as a collaborative framework for data security in emerging digital financial services. The standard establishes a common set of security requirements that are designed for modern, cloud-native companies operating in the financial services space.
The first draft of the standard was published in November 2021. Since then, the working committee has been refining the framework based on feedback from the industry.
What's New in Version 1.2
The latest version of OFDSS includes 79 individual security requirements across 13 control domains. The updated framework includes implementation guidelines and audit steps to help companies adopt the standard.
The 13 control domains cover:
- Resource Allocation
- Asset Management
- Access Controls
- Change Controls
- Software Development Life Cycle (SDLC)
- Cryptography
- Data Minimization
- Auditing and Alerting
- Incident Management
- Network Security
- Awareness and Training
- Vendor Management
- Independent Testing
What's Next
The OFDSS working committee is planning pilot programs with customers before the end of the year. The committee welcomes feedback and participation from the digital finance ecosystem.
Get Involved
If you would like to learn more, contribute feedback to the standard, or apply to join the working committee, please contact us.