(3 May 2024 – United Kingdom) To counter the growing threat of criminals utilising generative artificial intelligence (AI) technology to infect financial institutions (Fis) with malicious software and or malware, Fis are deploying AI in their own cyber defences to “fight fire with fire”.
Nick Huber reports for FT that Banks and financial services companies are among the biggest investors in technology and successfully applied different types of AI, such as machine learning, to detect fraud by spotting patterns in transactions and flagging anomalies. Many banks are struggling to keep up with cyber criminals who have access to the latest AI tools according to the US Treasury department. It concluded that finance companies should consider greater use of AI to counter tech-savvy cyber criminals, and share more information about AI security threats.
“Attackers are going to use AI more and more. And you simply can’t combat the scale of activity without using AI yourself. There’s going to be too many threats out there” stated BlueVoyant Director of Business Development, Rom Eliahou.
“Although AI can create tremendous efficiencies for information security, financial services companies are struggling to keep track of the growth in its use. They don’t know all the places where the business is necessarily using the AI. And they don’t know if the business has secured the AI during the development process and if the business has tools in place to secure the AI once it’s deployed in a customer-facing type role” commented IBM Cyber Security Services Lead Yashin Ahmed.