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Sunday, April 21, 2024

New U.S. Treasury Report Examines the Impact of AI on Cybersecurity Risk in Financial Services

If there is one area where AI is making a massive impact in financial services, that area is cybersecurity.

A recent report from the U.S. Treasury Department underscores the opportunities and challenges that AI represents to the financial services industry. The product of a presidential order and led by the Treasury’s Office of Cybersecurity and Critical Infrastructure Protection (OCCIP), the report highlights in particular the growing gap between the ability of larger and smaller institutions to leverage advanced AI technology to defend themselves against emerging AI-based fraud threats.

In addition to what it calls “the growing capability gap,” the report – Managing Artificial Intelligence-Specific Cybersecurity Risks in the Financial Services Sector – also points to another difference between larger and smaller financial institutions: the fraud data divide. This issue is similar to the capability gap; larger institutions simply have more historical data than their smaller rivals. When it comes to building in-house, anti-fraud AI models, larger FIs are able to leverage their data in ways that smaller firms cannot.

Read the rest of the story at Finovate, here.

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Homeland Security Today
The Government Technology & Services Coalition's Homeland Security Today (HSToday) is the premier news and information resource for the homeland security community, dedicated to elevating the discussions and insights that can support a safe and secure nation. A non-profit magazine and media platform, HSToday provides readers with the whole story, placing facts and comments in context to inform debate and drive realistic solutions to some of the nation’s most vexing security challenges.
Homeland Security Today
Homeland Security Todayhttp://www.hstoday.us
The Government Technology & Services Coalition's Homeland Security Today (HSToday) is the premier news and information resource for the homeland security community, dedicated to elevating the discussions and insights that can support a safe and secure nation. A non-profit magazine and media platform, HSToday provides readers with the whole story, placing facts and comments in context to inform debate and drive realistic solutions to some of the nation’s most vexing security challenges.

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