Financial data security is a major concern for consumers. It stems from the notoriety of previous breaches as well as the fact that a disconcerting amount of their information resides in a company’s hands.
For these reasons and more, organizations handling customer financial data should make advanced security their top priority. Below is a brief look into how financial data might be compromised along with innovative methods of protecting it using Artificial Intelligence (AI).
Accessing customer personal identifiable information (PIN) can be done several ways. One common cybercrime tactic is phishing emails or websites. Designed to fool the recipient through misrepresentation, such ploys are often directed towards personnel in large companies handling PIN. They could appear to be from a colleague or an associated company.
The objective is for the targets to enter their credentials — typically a username and password — thus giving the unauthorized entities access to inside data. The risk involved relates to the level of access the credentials offer with those providing administrative access to devices and systems being the most threatening. In recent years, such phishing attempts have become more sophisticated and widespread.
Another frequently used method is a form of cyberextortion referred to as ransomware. In this, users find they cannot access their data until a ransom has been paid to the cybercriminals responsible. The payment could range from hundreds to thousands of dollars in exchange for a decryption key.
Safeguarding credentials through diligent practices is a key step in thwarting phishing attempts and ransomware attacks. Organizations should also protect credentials and customer PIN through cutting-edge, AI cybersecurity solutions. Protection via AI is currently available in a wide array of perpetual and proactive applications.
One approach with significant potential across all cybersecurity levels is analytics-driven security. While still on the rise, these machine learning platforms analyze big data along with existing information to generate better visualizations, predictive safekeeping measures and enhanced reports on security threats. The result is a comprehensive look into where defense is lacking and why, instead of a reactive response to threats.
Augmenting security is a necessity — not a luxury — when considering the growing prevalence and complexity of cyberthreats. To stay ahead of danger and quell the concerns of customers, organizations must turn to AI cybersecurity.
For further ways to keep financial data safe with the help of AI, please see the accompanying resource.
Infographic created by Donnelley Financial Solutions, a virtual data room company