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How To Use Artificial Intelligence To Help Financial Data Safe

Cybercrime is a growing threat to businesses of all sizes. Here are a few ways that a company’s financial data can be compromised and how the latest cybersecurity tools can protect against cybersecurity attacks. Hackers can target financial data using a variety of methods.

One of the most common ways is phishing. Phishing is where users try to gain access to a user’s credentials. This is commonly used through emails that mimic something legit, such as a company user. Another popular method is using malware to gain access to credentials. Malicious code is downloaded through a new piece of software or from an app. Finally, hackers can take advantage of missing encryption or misconfigured systems. Both of these openings can allow cybercriminals to get access to financial data and important personal identifiable information.

When your financial data is compromised, it doesn’t just affect business operations. It exposes customer data which can lead to a loss of reputation and trust. Companies must also pay damages to customers that were harmed.

AI and Financial Data Threats

Understanding the threats is one of the first ways to protect your business against cybercriminals. The next step is to protect your financial data using traditional cyber security systems along with AI-focused security.

Artificial Intelligence (AI) makes use of machine learning to identify potential threats. Machine learning uses algorithms that can improve automatically through experience. As attacks evolve AI will be able to predict potential financial data threats. AI is running at all hours, which allows the security solution to respond to threats immediately.

Not only does the AI monitor potential phishing emails, but it can also identify weaknesses in a cybersecurity system. This includes weaknesses in issues with authentication, application of users, and threats to the firewall. It can also help maintain the encryption of data.

To learn more about how AI can help keep your financial data safe, be sure to consult the accompanying guide below.

Infographic created by Donnelley Financial Solutions, a financial software