“Unfortunately, FIs are often caught between balancing more stringent security tools and offering the seamless experiences consumers crave. Modern customers are much more likely to grow frustrated by lengthy processes and switch to other banks, after all.
As such, FIs must seek more innovative authentication procedures that take less time and draw less ire than weak password and PIN systems.”
“Data suggests that artificial intelligence was put to work in a cybersecurity capacity more than in any other area of service last year. With the use of deep learning algorithms, AI is leading the charge on a secure internet.
Specifically in detecting and deterring security intrusions, with 44 percent of all AI applications being used for that purpose.
Azure Sentinel, Microsoft’s cloud-based SIEM (security information and event management) tool is one such example of an artificial intelligence that doesn’t just automate security operations tasks but uses algorithms to learn from its actions. Like any AI, the more data it receives, the more accurate its decisions are in identifying threats and responding to them.”
Usually, hackers access traditional software systems to steal data. They hack industrial control systems and misguide them to do the wrong action(s). However, the core of AI systems has mainly algorithms and not much data. This created the illusion of absolute security by nature among some people, as nothing inside to steal. However, instead of stealing data, cyber attackers can feed AI systems with wrong data to manipulate their ability to take the right decisions. For example, attackers could access Electronic Medical Records (EMR) to add or remove medical conditions in MRI scans which will lead to the wrong diagnosis by ML algorithms. Same could happen to financial data or the operational data of critical equipment in a Nuclear Power Plant (NPP) or a smart grid.”