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Home News room Insider Insights: A CISO’s Perspective on AI’s Impact in Financial Services
Acora is a UK based, award-winning IT services and technology company with over 25 years’ experience. We provide a range of IT support and Microsoft-centric business software and cloud solutions to help mid-market organisations modernise their IT so they can compete and win in the digital economy. More than 200 clients trust us to take responsibility for part, or all of their IT from solution design to support.
In the fast-paced landscape of modern finance, technological advancements have become both a blessing and a burden. Among these innovations, Artificial Intelligence (AI) stands at the forefront, promising unparalleled efficiency, accuracy, and insight. However, as financial institutions delve deeper into the realm of AI integration, they encounter a myriad of challenges that demand attention and innovation.
Navigating the ever-evolving challenges in the Cyber Security space, our CISO, Darren Humphries, will feature in the upcoming AI in Business Podcast, sharing his insights and awareness of current AI threats in this rapidly changing threat landscape, particularly for the Financial Services sector.
Some of the key topics he will chat through on the podcast include:
Exploring the formidable obstacles encountered by financial institutions in strengthening their IT infrastructure against money laundering, fraud, and cyber threats. Emphasising the critical necessity for a balanced approach to cyber security investments, acknowledging the significant resources deployed by cybercriminals.
Conducting a comprehensive examination of the vast extent of financial crimes, ranging from $650 billion to $1.7 trillion, and the urgent need for heightened cyber security measures. Advocating for the allocation of resources to effectively combat this growing threat to global financial stability.
Delving into the complexities of digital transformations within financial institutions, addressing the challenges posed by technical debt and maintaining robust IT infrastructure and security protocols. Offering insights into innovative strategies to navigate this ever-evolving landscape.
Highlighting the pivotal role of risk assessments and compliance frameworks in combating financial crimes, with real-world examples such as HSBC’s $85 million fine illustrating the consequences of neglect. Emphasising the importance of these measures in upholding the integrity of financial institutions.
Providing valuable insights into the hurdles associated with implementing AI in cyber security, including data training and processing and balancing enhanced security with user convenience. Offering perspectives on overcoming these challenges to fully leverage the potential of AI.
Exploring how AI serves as a potent ally against financial crimes, enabling organisations to profile transactions, detect suspicious activities, and proactively prevent fraudulent endeavors. Sharing real-world examples to demonstrate AI’s impact in the ongoing battle against financial threats.
Underscoring the relentless nature of cyber threats, from DDoS attacks to ransomware, and the imperative for unwavering vigilance and adaptive security measures within financial institutions.
Highlighting the significance of simplifying business processes and investing in streamlined IT infrastructure as effective strategies for bolstering security measures. Offering perspectives on reducing complexity to enhance the identification and mitigation of internal and external threats.
Unpacking the dual nature of AI in cyber security, exploring its potential as both a weapon for attackers and a shield for defenders. Providing listeners with a nuanced understanding of how AI-driven tools influence the dynamics of cyber threats and defenses.
Discussing data challenges and the rise of deep fake technology, along with the associated risks of entrusting sensitive data to cloud-based infrastructure. Emphasising the importance of establishing robust trust relationships with service providers and implementing stringent measures to safeguard against unauthorised access and misuse.
Highlighting the indispensable role of the human element in interpreting AI outcomes and deriving tangible value from AI-driven insights. Advocating for strategic alignment and purposeful modeling of AI systems to effectively address specific challenges.
Ahead of the exciting release of the podcast, we hope that sharing early insight into the topics discussed will encourage financial professionals, cyber security enthusiasts, and industry stakeholders to listen in on the 8th of April to listen to the first episode. The podcast will be available on all streaming platforms, including Spotify, iTunes and Soundcloud.
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