28
Apr
2021

Using Artificial Intelligence to Help Keep Your Financial Data Safe

Many organizations strive to have plans in place for safeguarding their most sensitive information such as financial data. Yet while many companies have pivoted to a remote work setting due to Covid-19, their cybersecurity plans may have not been updated to handle the current circumstances. With an increase in remote work may come an increase in vulnerabilities. Employees may invite a threat inside the organization by accident, such as by using a recycled password or by downloading malware. If you are a business leader, make sure you can identify these threats to protect financial data or the personal identifiable information of your customer base.

Common Financial Data Vulnerabilities

Check out a few of the common ways sensitive data is often compromised:

  • Inadequate passwords: Using the same password throughout multiple websites is one of the biggest causes of compromised data. Criminals get a hold of the password, then impersonate a legitimate user to gain access to sensitive data.
  • Intrusive Software: Once downloaded and installed, intrusive software such as malware runs on a computer, which in turn captures sensitive data for exploitation.
  • Phishing: This is a cyber-attack through digital communication tools often using email. It attempts to obtain sensitive information such as passwords and credit card numbers.

One of the ways to reduce these threats is to educate employees on the current cybercrime that is taking place. Another way to deter threats is by investing in AI monitor systems that mitigate attacks like a data breach.

How AI Can Protect Customer Data

To understand how AI supplements stronger cybersecurity, consider how cybercriminals and security experts are playing a game of watching and waiting. Cybersecurity experts develop systems that detect threats quicker, While the attackers change their approach to stay one step ahead of software.

AI solutions take a sandbox approach by redirecting suspicious activity to be evaluated for further analysis. This near-instantaneous approach prevents criminals from accessing sensitive data or personal identifiable information. Make sure to check out the resource below for more information on how to use AI can help to keep business financial data safe. The resource also provides a few more tips for reducing the risk of data threats.

Infographic created by Donnelley Financial Solutions

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