In the name of convenience and efficiency the modern technology has brought evolution in how people use and store their wealth. Unfortunately, this has also given rise to creative cyberattacks and online fraud, especially, in the BFSI (banking financial services and intelligence) sector. AI combined with the security solutions could be an answer to this problem.
The Threat to BFSI Sector
Cyberattacks are no news in the industrial sector but the BFSI sector is worse off. According to a report the insurance and finance sector was the most attacked and that too for the fifth time in row. Banks have sensitive information of their clients and companies.
Since the use of internet is on the rise due to features such as mobile payment, internet banking, online money transfer, online shopping and cross border money transfer. Tools such as fraud-as-service is now more commonly available on the dark web.
It allows the hackers to mess with the security of financial sector. Phishing and social engineering are other tried and tested methods that are in use to steal financial information.
AI to the Rescue
Gone are the days when simple anti-virus software were enough to give you peace of mind. These are not enough even for hackers with the most modest resources and skill. An effective security system needs to change with the attacker so that it can adapt to what the attacker is doing and stop it.
Development of these kind of systems is possible with AI technology. AI can successfully complement your security strategies and solutions and give you more information than you’d normally get.
Take security logs in SIEM as an example. Normally, it’d only serve a simple purpose but when combined with AI it’ll help you detect threats and anomalies that are hidden in the system and waiting for the right time.
Making Up for Lack of BFSI Security Talent
More and more companies are claiming that their staff lack the skills for dealing with cybersecurity issues. The impacts of the shortage of these skills are being felt by the BFSI sector. The AI technology can help amplify these abilities.
AI doesn’t require you to manually sift through the data, it automatically does that and detects threats. It is much faster than its human counterpart. However, it is important for humans to provide feedback when applying the AI and machine learning technologies. It requires time and effort.
You’ll be rewarded in the form of improved monitoring and predictive abilities. This in return means that the rate of false alerts will be reduced as the system will be able to detect real threats.
AI has a wide range of applications in the BFSI sector and has been in use for several years now. Unfortunately, the ones that are advancing at a faster rate in this field are cybercriminals. The automated and intuitive solutions provided by AI can be very useful and efficient.
AI is fast and it is less prone to errors unlike humans. But they still require feedback from humans so that they can run more efficiently and adapt to situations better.