“A year on, what’s become clear is the potential impact of artificial intelligence in helping to combat such large-scale breaches. AI models are increasingly being implemented at scale to test and detect all kinds of security weak spots at a level that was previously impossible. Critically, these models are being trained to deal with ever more complex security challenges and their effectiveness continues to improve exponentially.”
“In addition, financial institutions are increasingly relying on what is called ‘synthetic data’, created by AI technology, to reduce the risk of data theft. Synthetic data is a highly accurate simulated replica of original data, but one that cannot be used to identify specific customers.”
“While AI will not provide a ‘silver bullet’ to prevent every future data breach, this rapidly evolving technology is becoming an essential part of the security toolbox for financial organisations.”