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. https://emerj.com/ai-sector-overviews/ai-cybersecurity-in-banking/
blog article
AI FOR CYBERSECURITY IN BANKING – WHERE BANKS ARE INVESTING TODAY
Hackers are cyberattackers are using more sophisticated methods to break into digital networks; they themselves have also started employing artificial intelligence techniques to bypass detection systems. Cyberthreats can compromise enterprise networks at a greater speed than ever before, and cybersecurity analysts alone may have difficulty responding to such large-scale threats faster than attackers. As such, banks will likely need to upgrade their security systems to keep up with the change in the landscape. Banks stand to lose both money and their banking licenses if they inadvertently facilitate fraud and money laundering or if their digital infrastructure is compromised by a cyberattack. Perhaps most importantly, banks can take a hit to their reputations, hindering the acquisition and retention of future customers. The Global Banking and Finance Review claims that cyberattacks have cost nearly $360 billion per year in losses every year or the past three years. In recent years, global ransomware attacks, such as WannaCry, have put financial institutions on edge, and many banks are now investing in artificial intelligence to combat hackers. READ MORE