2. AI Improves Security Orchestration, Automation and Response
A notable 8 in 10 U.S. citizens fear that businesses aren’t able to secure their private financial information, and their concern is understandable: 92 percent of ATMs are vulnerable to attacks, with 76 percent allowing hackers to exit kiosk mode and gain access to the machines’ operating system.
To protect their customers and themselves against attacks, financial institutions need interconnected security ecosystems throughout their businesses, from websites to ATMs, mobile apps and more.
Through security orchestration, automation and response solutions, AI can help financial institutions do just that. SOAR uses AI and machine learning to connect security tools and integrate disparate security systems, consolidating threat alerts and enabling security automation.
This ability to predict and protect against threats automatically allows SOAR systems such as those from Palo Alto Networks and Splunk to respond to select security events without human assistance, freeing up IT and security personnel to focus on other issues.
Considering that only 26 percent of recent new vulnerabilities had known exploits, according to IBM, this ability can better help financial institutions defend against novel exploits in addition to the 78,000 known exploits cybercriminals have access to.
3. AI Enhances Endpoint Detection and Response
An increase in remote and hybrid work has made it more challenging for security professionals to secure widely dispersed financial data and applications. In other words, with just 20 percent of financial services companies requiring full-time, in-office work, there’s a far larger attack surface for cybercriminals to penetrate. Cyberattacks related to remote work increased by 238 percent during the COVID-19 pandemic.
But it’s not all bad news. As Arpinder Singh, global markets and India leader for EY’s forensic and integrity services, puts it in a company blog post, “Organizations can strengthen compliance, utilize technology and invest in a robust, integrated suite of forensic solutions to detect and deter the security challenges of working from home.”
Endpoint detection and response is an integrated endpoint security solution that can help financial institutions address this issue. Used to detect and investigate threats on employee devices, EDR tools generally contain detection, investigation, threat hunting and response capabilities.
But they don’t operate in isolation. EDR tools such as those from Sophos and Check Point use AI to block threats and can be incorporated into a zero-trust security approach, helping financial institutions strengthen their overall cybersecurity framework.
