Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /var/www/html/dev.webpronews.com/public_html/wp-includes/functions.php on line 6114
AI Represents Major Risk to Banking Cybersecurity «

AI Represents Major Risk to Banking Cybersecurity

Artificial intelligence (AI) may be the banking industry's Achilles heel, making it more vulnerable to Russian cyberattacks....
AI Represents Major Risk to Banking Cybersecurity
Written by Matt Milano

Artificial intelligence (AI) may be the banking industry’s Achilles heel, making it more vulnerable to Russian cyberattacks.

President Joe Biden issued a warning to American businesses of the likelihood of increased cyberattacks from Russian, in retaliation for the sanctions it is experiencing as a result of its invasion of Ukraine. Many ransomware gangs already operate within Russia, due to that country’s willingness to turn a blind eye to attacks on the West. Full-fledged support from the Kremlin would likely send attacks into overdriver, however, and banks may be particularly vulnerable.

Banks have been aggressively rolling out AI and automated systems in an effort to provide better customer support, as well as better identify and prevent fraud. Unfortunately, experts are warning that those very systems also make banks far more vulnerable to potential attack.

“It’s a huge unaccounted-for risk,” Andrew Burt, Managing Partner at AI-focused law firm BNH and former policy adviser to the FBI’s head of cyber division, told The Wall Street Journal. “The vulnerabilities of AI and complex analytic systems are significant and very widely overlooked by many of the organizations employing them.”

Much of the problem stems from AI systems still being in their infancy, compared to previous, time-tested systems banks relied on.

“Machine-learning security is not just a combination of security and machine learning; it’s a novel field.…When you introduce machine learning into any kind of software infrastructure, it opens up new attack surfaces, new modalities for how a system’s behavior might be corrupted,” Abhishek Gupta, founder of Montreal AI Ethics Institute, told WSJ.

“There’s a sense of brittleness in that entire architecture, like a house of cards. You don’t know which of the cards that you pull out will lead to the whole thing collapsing entirely,” he added.

Given the increased risk of attack, it’s a safe bet firms specializing in AI security are about to see a major boost.

Subscribe for Updates

AITrends Newsletter

ArtificialIntelligenceTrends

By signing up for our newsletter you agree to receive content related to ientry.com / webpronews.com and our affiliate partners. For additional information refer to our terms of service.
Get the WebProNews newsletter delivered to your inbox

Get the free daily newsletter read by decision makers

Subscribe
Advertise with Us

Ready to get started?

Get our media kit