In this age of cybercrime safeguarding financial data and personal information is not simple. As cyberattacks are becoming more advanced, so too is cybersecurity such as in artificial intelligence.
Artificial intelligence-focused technology is reshaping many different industries. From predictive analytics to robotic automation, there are extraordinary AI innovations coordinated with our lives, and right in the middle of the evolution is AI-focused security.
That being said, how can financial data be compromised? Firstly, attackers may target weak or missing encryption and misconfigured systems. This will allow them to gain access to sensitive data. Attackers may also use a tactic known as phishing to try and capture a user’s credentials. Phishing is where an attacker sends a message pretending to be a reputable organization in an attempt to reveal personal information, such as a username and password.
Traditional cybersecurity systems have been around for decades but with artificial intelligence-focused solutions, protecting customers’ personal identifiable information (PII) can be addressed in more efficient ways. For example, an AI-based algorithm can detect a phishing email and then remove it from the system before even reaching someone’s inbox. It may also identify weaknesses with the application of users and authentication. AI is on 24/7 allowing it to respond to potential threats immediately.
Enabling AI solutions to help supplement traditional cybersecurity systems will be sure to help protect your organization from evolving attacks. If you are interested in learning a few more common ways your financial data may be compromised or more ways for how AI can help protect against threats check out the infographic below.
Infographic created by DFIN