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How AI Shapes Online Banking Cybersecurity - Triskele Labs

Online banking is growing and will continue to be an integral part of financial operations. To protect banking networks, it is important to invest in more advanced cybersecurity applications powered by AI. Follow Us : https://triskelelabs.com

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How AI Shapes Online Banking Cybersecurity - Triskele Labs

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  1. Is online banking cybersecurity the next frontier for artificial intelligence We explore how AI can evolve and improve to meet rising cybersecurity demands

  2. Banks and other financial institutions (FIs) use online banking to enrich their portfolio of services and operate more efficiently. However, while digital banking has propelled revenue and profitability, it has also raised cybersecurity concerns. Research shows that the finance industry is the second-most targeted industry for cyberattacks. This alarming trend indicates that the finance industry needs to invest in more sophisticated threat detection solutions to prevent costly breaches because they can cost $3.7 million to resolve. To advance banking cybersecurity, FIs are turning to technology that has already added immense value to their operations—AI. Institutions have yet to tap into the full potential of AI, and it can be a valuable asset when improving online banking cybersecurity.

  3. Data Security Challenges In Banking Despite taking steps to secure their data, the finance industry still faces plenty of challenges when it comes to data security.  One factor undermining security is the growth of non-cash payment transactions. In 2017, the number of non-cash transactions was over 539 billion. This is expected to grow to 1046 billion transactions by 2022. The sheer volume of transactions makes it hard to distinguish authentic ones from attempted phishing attempts, leaving room for possible cyber attacks. The growth of mobile apps, internet banking, and instant payment technology has opened up multiple endpoints for firms, making it difficult to secure digital infrastructure. This is because certain cybersecurity processes, such as manual threat hunting, have become impossible to do in the current environment. Cybersecurity specialists cannot analyse billions of transactions to prevent a breach, regardless of their proficiency. 

  4. Preparing for the future with cybersecurity Online banking is growing and will continue to be an integral part of financial operations. To protect banking networks, it is important to invest in more advanced cybersecurity applications powered by AI.  AI-powered cybersecurity would allow your cybersecurity team to guard their network more effectively to reduce data breaches and meet compliance requirements. AI applications are key for making this happen as they can improve cybersecurity, making it agile, responsive, and effective. 

  5. Level 14, 60 Albert Rd, South Melbourne, Victoria 3205 Call us 130024CYBER E-mail: info@triskelelabs.com Fully-Australian Cybersecurity Company and Consultancy - Triskele Labs

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