Friday, July 12, 2024
HomeCyber SecurityHow To Use AI To Help Safeguard Your Financial Data

How To Use AI To Help Safeguard Your Financial Data


Small and large businesses should have plans in place for protecting financial data. While many companies have adopted cybersecurity strategies, have they been updated to keep up with the remote work shift? Regardless of where employees are working, they may invite a threat in their actions. This can include having unsecured WIFI or accidentally downloading a virus. Make sure to read on to learn more about some common threats as well as how AI can supplement your current cybersecurity plan.

How Data Can be Compromised

Here are a few common ways financial data or personally identifiable information are targeted:

  • Malicious Software: Once installed, the software will cause damage to a computer, server, or even network. There is a wide variety of these attacks.
  • Phishing: Cybersecurity criminals utilize digital communication tools such as email to target user credentials. Cybersecurity attacks typically attempt to be a legitimate message.
  • Poor or reused passwords: A study found that from 28.8 million accounts, 52% of users reused or added a small change to the original password. Keep in mind, using an easily guessed password as well as a password multiple times you are increasing the risk of compromising personal identifiable information.
  • Unsecured Wi-Fi: Cybercriminals may be able to get user credentials from remote workers who are using unsecured Wi-Fi. Then they could use those credentials to gain access to financial data.

Each of these openings can be preventable through education as well as technology. By educating employees on the dangers of phishing or requiring stronger password requirements can help lower the role that employees play in accidentally creating a threat. Businesses should also consider investing in technology that deters cybercriminals. Many of the current tools use AI to help safeguard valuable credentials and data.

AI and Safeguarding Consumer Data

Cybersecurity professionals and hackers are always competing. Experts develop several tools that are capable of detecting current threats. While cybercriminals alter their approaches to try and get ahead of the software. This is what makes it difficult for any cybersecurity software to keep up with all the new tactics attackers are utilizing to try and exploit. This is why AI is a great supplement to other cybersecurity tools.

AI solutions are used for threat detection and mitigation. Artificial intelligence often takes a controlled approach by redirecting suspected activity to a contained environment for further analysis. AI also runs 24/7 for increased protection and learning. AI learns by utilizing machine learning. Machine learning uses algorithms and models to determine patterns. This means throughout the time it will recognize patterns and be able to continually draw new insights. AI systems can also provide swift communication with professionals who can manually review suspicious activity. Make sure to check out the accompanying resource below for more information. It discusses even more ways for financial data to become compromised, as well as ways to help reduce the risk of a threat to valuable data.

Infographic created by Donnelley Financial Solutions, a financial consolidation software provider


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