AI in the wrong hands: Exploring modern cybersecurity concerns

• AI in the hands of cybercriminals is causing more fraud losses each year. What are the emerging cybersecurity threats, and how are financial institutions adapting?
• How has AI innovation and regulation started to change internal organisational policies?
• Data lies at the heart of AI deployment. How can institutions successfully classify, understand, and use the data available to them?
• AI in the wrong hands can cause significant damage to financial institutions. What are the biggest internal AI challenges and threats?
• How can organisations create advanced, resistant AI cybersecurity strategies to protect their customers from sophisticated AI scams?

While AI has been used in financial institutions as early as the 1980s, the recent rush in AI innovation has significantly altered the financial services landscape. From streamlining data management and automating time-consuming manual tasks to application development, the impact of AI can be felt in every area of business.

When looking at business functions, cybersecurity emerges as an undisputed battleground area. While AI capabilities can significantly improve fraud detection and mitigate strategies, in the wrong hands, it can cause havoc. Research finds that AI-driven fraud now constitutes over 42% of all detected fraud attempts in the financial sector, and Deloitte predicts that generative AI could cause fraud losses to reach $40 billion by 2027 in the US alone.

However, it’s not just AI in the wrong hands that can cause damage. Internal centers of AI excellence are crucial to avoid misuse, hallucinations, and ensure compliance as AI regulation is starting to be introduced across regions. So how can financial institutions effectively start to tackle cybersecurity in the age of AI?

Register for this Finextra webinar, hosted in association with Avenga, to join our panel of industry experts who will discuss emerging cybersecurity threats, the importance of internal centres of AI excellence, and how financial institutions can create data repositories for effective AI cybersecurity strategies.