Using Artificial Intelligence To Help Keep Your Financial Data Safe

Organizations should have a plan of action in place for protecting their most sensitive data, such as financial data. While many businesses pivoted to a remote work environment during the beginning of COVID-19, their cybersecurity plans may not have adapted to the shift in remote work. Regardless of working from home or in the office, employees may accidentally invite a threat inside the organization, such as phishing or by using a weak password. Read on to discover how AI can help secure your customers’ personal identifiable information of your client base.

How Artificial Intelligence Can Secure Customer Data

Firstly, to understand how AI can help support cybersecurity, consider how hackers and cybersecurity professionals are locked in a game of watching and waiting. As cybersecurity experts develop systems that are capable of detecting and countering threats faster, cybercriminals change their approaches to stay one step ahead of the software.

It’s demanding for any cybersecurity software to keep up with all the new tactics criminals try as well as secure each new access point they might exploit. For example, employees working remotely may use their personal Wi-Fi network while working from their home. Along with your work device, there is also an array of connected smart home devices each of which offers a way into the system for a determined hacker.

AI solutions are not intended to replace traditional threat detection software, but help supplement tools for robust protection. AI solutions often utilize a sandbox approach by redirecting suspicious activity to a contained environment. This near-instantaneous method prevents the criminal from accessing your customers’ personal identifiable information. Since these types of software systems operate continuously, businesses enjoy 24/7 protection.

Because AI cybersecurity tools are controlled by machine learning, they can grow and learn alongside new techniques for cybercrime. The tools also draw on predictive and pattern-recognition capabilities to catch threats that enter the network. In acting proactively when there is suspicious activity, these tools can provide quick notification to IT personnel, who can manually review the activity. This way, bad actors are caught while legitimate users are granted access to the system.

Be sure to read the accompanying resource below, Using Artificial Intelligence (AI) To Help Keep Your Financial Data Safe. It describes more about how AI can help to keep business financial data safe. It also discusses the best practices employees can use to reduce the risk of these threats. Ultimately, the best practice to protect important data is one that combines the right cybersecurity tools with staff education. It should reduce the risk of cybercrime to the smallest possible target.

Infographic created by Donnelley Financial Solutions, a financial consolidation software provider.