Hydrolysis of cyclic acetal
Your product is correct, but the mechanism isn't quite right. In the first step, one of the oxygens will be protonated (either is possible). The other oxygen "kicks out" the one activated in the first step. So far so good. However, in the next step, water will attack the "carbonyl" carbon to give a hemi-acetal and a hydroxyl group. Repeating a similar set of steps reveals the ketone and second hydroxyl.



The key difference here is that by adding to the pi system, water reacts with the C-O pi-antibonding orbital, which is the LUMO of the system