AI still needs an eye to protect against cyberattack
The challenges of regulatory compliance and cyber protection are making financial institutions think more creatively. Machine learning and greater data sharing might be the future of digital banking security.
Finding a more effective method of protecting banks and companies against cyberattack has become a pressing issue.
Andrew Davies, vice-president of global market strategy, financial crime risk management at fintech provider Fiserv, says: “There has been a 61% increase in attacks on accounts in the US. It has become a major talking point.”
Concurrently comes the threat of attacks in real time. As systems and those attacking them become more sophisticated, so too must the lines of defence.
Davies says: “The move to real-time payments means more understanding is needed on the impact of financial-crime risk. To facilitate this understanding, many of the monitoring systems are using advanced real-time detection and some are using bots to drive efficiency. Also, in addition to known typologies, we need to ask the questions: ‘What don’t I know? What can I do to detect the unexpected?’”