AI still needs an eye to protect against cyberattack

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?’”

The vulnerability of various points across the banking network may mean some banks have to put in extra resources, in accordance with their place in the value chain.