As the world becomes more digitized, with businesses and governments relying more on online transactions and smart devices, it is increasingly important for digital data to remain secure against cybercrimes – by using artificial intelligence in cybersecurity systems.
Challenges facing cybersecurity
As new technologies become introduced globally and used worldwide, thefts may become recurrent as third parties search for private data. Because some companies remain reliant on traditional means of securing their data, they are more vulnerable to these kinds of attacks.
Therefore, artificial intelligence (AI) becomes crucial in securing large databases and individuals from this threat.
For example, family businesses depend on collaboration to a large extent – with external parties – in their operations. This competitive advantage may put family businesses at risk, as their communications should be encrypted to remain secure – and this is where AI in cybersecurity plays a significant role.
Hence, by securing their databases and transactions through AI systems and applications, family businesses can achieve a higher level of security, keeping their data safe.
Role of artificial intelligence in cybersecurity
AI stands out from previous innovations in technology because it is not only reactive, but also proactive, which means that it can predict and prevent circumstances before they occur. In the case of cybersecurity, this becomes increasingly beneficial.
Limiting access. For the fintech (financial technology) sector, limiting who has access to which data is crucial to financial security. E-signatures can ensure proper authorization for a business transaction, while bio-signatures, which request for a fingerprint, can match the prints of a user to ensure who has access to specific data.
Anticipating threat. Preventing an attack is ideal in every scenario, but not possible – in the past. As AI in cybersecurity builds on previous learnings, it is becoming more preventive, detecting attacks before they occur – and secures systems from any possible defects or ‘spaces’ which could be used by attackers.
Reacting quickly. While humans could receive an automated alarm in the case of an emergency, AI in cybersecurity can act automatically, quickly, and at any time of the day against any potential threat – which is much more effective than a human response.
Traditional systems may not react as quickly as AI would in cybersecurity systems, as they may be too limited. On the other hand, AI can react to complex threats. Due to the sheer volume of data that needs to be analyzed, the reaction response of AI is faster, safer, and more accurate.
How to know your fintech service is secure
As a consumer, you will want to protect your data during transactions or while entering forms online. To ensure that the service you are using complies with international standards, you can read on the company’s certifications or its efforts in meeting international security measures in data protection.
For example, when you pay for an item using your credit card online, the e-commerce website may direct you to an encrypted database to enter your details; this gives consumers ease of mind, wherein they can be sure that their data is not at risk.
As for fintech services, international security certifications are provided to companies that comply with high security standards.
For example, Investera, an investment management platform, is ISO/IEC 27001:2013 certified, which means that it has complied with world-class specifications for its customers that ensure their data is protected, safe and secure.
International bodies and certifications such as ISO have been established to set an international quality of standard and rules that facilitate trade across borders – while ensuring the safety of all parties involved.
All in all, the applications of artificial intelligence in cybersecurity are greatly improving security standards worldwide, as AI can anticipate threats before they occur – keeping data secure even in large volumes.