by Artificial intelligence likely makes you first think of a science fiction movie, but it is a reality and used in several different industries. One of the biggest uses for AI is in the cybersecurity industry. As the threat of cybercrime increases, it’s clear that AI is essential to supplement and enhance cybersecurity systems. In fact, the global cyber security market size was valued at $183.3 billion and is expected to reach $539.8 billion by 2030.
How Can Financial Data Be Compromised
One of the most common threats to financial data is stolen credentials, such as passwords and usernames. Having your customer’s personal identifiable information (PII) stolen can be catastrophic to organizations of all sizes and not just for the monetary value. Customer loyalty is also eroded with a data breach.
The best advice is to maintain strong passwords and have company-wide security policies in place that are up to date. It will also help to inform employees about some of the common ways data may be compromised. The resource below, Using Artificial Intelligence To Help Keep Your Financial Data Safe, provides 5 common ways cybercriminals may try to steal your data.
Cybersecurity systems are also essential for protecting against financial data threats. The security system should be supplemented with Artificial-intelligence focused security to be ready for the latest threats.
How Can AI Safeguard Your Organizations Financial Data
Artificial Intelligence can help identify weaknesses within a cybersecurity system. For example, it can be used to identify and remove potential phishing emails. Innovative AI security can also be beneficial when predicting possible threats to the firewall. If a user is trying to access information they are not authorized to AI can limit access to that user. Having a security solution that runs 24/7 looking for threats is essential as cybersecurity threats evolve. For more ways AI could help protect your financial data, check out the resource below.
Infographic created by Donnelley Financial Solutions, a financial consolidation software provider
