The increase of digital banking, shifting customer behaviour, use of social channels, and partnerships with ecosystem players have significantly expanded the cyber-security surface and exposed banking institutions to fraud.

What's in this article

    As a result, banks need to relook at their cybersecurity measures, applications and options to identify any existing gaps and implement the right technology interventions to help address them.

    Incorporating intelligent technologies and data analytics into their cybersecurity space can help banking institutions understand their customers’ normal engagement behaviour, prevent swindle, and raise the cyber resilience quotient.

    In order to enhance cyber resilience, banking institutions need to define and implement strategies that provide future-ready capabilities.

    To define effective cyber resilience strategies, banks need to embed cyber resilience into their digital platform architecture, share cyber security data, and leverage existing computing investments and fraud controls.

    How Intelligent Technologies Can Enhance Cyber Resilience

    Artificial technologies can help banks and other financial institutions become more cyber resilient. Banks and financial institutions that use artificial technologies are better positioned to respond to cyberattacks faster than those that don't.

    A bank can achieve higher efficiency levels of cyber protection and automation by leveraging advanced data analytics and machine learning technologies. Banking institutions can enhance cyber resilience by combining data science and AI expertise into their day-to-day processes.

    Intelligence technologies like AI in cyber security are advantageous as they significantly improve threat detection and response and go through huge amounts of data to detect problems that security teams can investigate and fix.

    Intelligent technologies are a crucial cyber resilience component. With that in mind, here are the main ways intelligent technologies can improve cyber resilience.

    Minimise the Response Time to Cybersecurity Threats

    Through machine learning and AI, analysis occurs at high speed and in real time. Artificial intelligence makes a deep background understanding of security threats possible for security experts.

    It helps security analysts find answers to questions such as; where did it start from? How did it start? What could have been done to avoid it? And what effects did it have?

    Through AI, security experts can reduce false positives and detect unknown and new security concerns. With the right AI tool, thousands of events can be analysed and filtered each day, including event management and security information.

    Strengthening IT and Security Expert Teams

    Artificial intelligence technologies perfectly fill the gap in the cybersecurity sector, which is currently suffering from a skilled workforce. Cybersecurity teams need to act quickly when they detect security threats in their systems.

    Using machine learning and AI can help banking companies with smaller internal IT teams make up for a skills and talent shortage.

    Automating simple cybersecurity tasks and allowing information technology teams to focus on more advanced chores is possible. That allows the security system to be more aligned with a given business's needs, requirements, and digital infrastructure.

    Staying Ahead of Fraudsters

    Intelligent technologies are powerful double-edged swords that can be used to trigger and safeguard against cyberattacks. Cybercriminals who’re getting better than intelligent technologies launch cyber threats.

    By implementing authentication controls and intelligent access, banking institutions can use intelligent technologies to boost their cyber resilience.

    Final Thoughts

    Banks and financial institutions need to defend against constantly emerging cybersecurity threats and concerns to enhance cyber resilience. It includes problem identification and resolution, minimising system downtime and reducing the cost of data breaches.

    Also, it entails leveraging system and machine capabilities powered by artificial intelligence to respond effectively.

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