The fintech sector has embraced Artificial Intelligence in significant ways. The integration of AI into fintech provides robust opportunities, but it also paves the way for AI-enabled breaches. Do you want to discover strategies to thrive in the fintech industry while leveraging AI? Then you are reading the right post.
The fintech industry is ever-evolving. Artificial Intelligence (AI) has recently transformed it by boosting efficiency and contributing to innovation. Despite this synergy, AI poses some threats to fintech companies. Examples of such threats are AI-enabled breaches and cyber threats. Cyber attacks on Fintech companies have resulted in at least $1,450 Million in losses to fraud since 2013. Fintech companies need to be aware of these threats and develop strategies to protect their data from such breaches.
Strategies To Protect Fintech Companies From AI-enabled Breaches And Cyber Threats
According to Statistica, 319 cases of sensitive company data were leaked on ChatGPT worldwide in April 2023. When fintech companies use AI in their operations, the data inputted into the AI system can be retained, thereby becoming accessible to other people. Through AI, competitors or even hackers can access your sensitive information. AI can retain data indefinitely, which poses a massive threat to cybersecurity. This highlights the importance of handling data with stringent protocols to guarantee cybersecurity. Here are four strategies to protect your fintech company from AI-enabled breaches and cyber threats.
Encryption and Tokenization
To protect your fintech company from AI-enabled breaches, encryption of sensitive data is crucial. Interestingly, you can leverage AI to enhance the process of encryption. AI enhances encryption by continuously evolving encryption algorithms. Encryption helps to prevent potential data breaches. Tokenization is also a valuable tool to protect your fintech company’s data against AI-enabled breaches.
Advanced Threat Detection
To protect your fintech company against AI-enabled breaches, AI-driven threat detection systems are crucial. With AI-driven threat detection systems, you can build defenses against potential cyber threats. AI-driven threat detection systems can analyze patterns, detect anomalies, and respond quickly to prevent emerging threats.
Behavioral Biometrics
You can protect your fintech company from AI-enabled breaches and cyber threats by leveraging behavioral biometrics such as keystroke dynamics and mouse movements. This can add an extra layer of security. AI can detect unauthorized access to data by analyzing use behavior and detecting deviations.
Continuous Monitoring
Continuous monitoring is crucial to protecting your fintech company from AI-enabled breaches. Through constant monitoring and upping of cybersecurity protocols, AI algorithms can remain updated to identify cybersecurity vulnerabilities. This enables AI systems to make recommendations to help your fintech company stay ahead of potential cyber threats.
How Support Link Technologies Services Can Help Protect Your Fintech Company Against AI-enabled Breaches
Support Link Technologies provides organizations like yours access to BeyondTrust’s Privileged Access Management (PAM). This solution involves strategies for exerting control over elevated access and permissions for identities, users, accounts, and processes across your fintech company’s IT environment.
Privileged Access Management (PAM) helps organizations minimize their cyber attack surface and prevent potential damage from cyber attacks and internal threats. The primary strategy of PAM is enforcing least privilege and restricting access rights and permissions to users and systems to the nearest minimum.
Conclusion
AI has largely impacted the fintech industry. While the synergy between fintech and AI has numerous benefits, it has also evolved cyber threats into AI-enabled attacks and data breaches. This post has provided four strategies to protect your fintech company against AI-enabled breaches and cyber-attacks and explains how Support Link Technologies can help protect your fintech company against AI-enabled breaches and cyber-attacks through its services.
Do not wait to suffer revenue loss or organizational reputation damage due to AI-enabled breaches or cyber-attacks. Invest in protecting your fintech company’s cybersecurity with Support Link Technologies. Contact us today to learn more about our services and customized training programs.