While financial data can take multiple forms, including accounts payable and receivable records, investment documentation, and customers’ personal financial information, they all share a common characteristic: requiring robust protection.
Compromised data can lead to regulatory non-compliance, revenue loss, and reputation damage, making the safety of financial data a top priority for any organization. Here’s a look at common compromise concerns and how artificial intelligence (AI) can help keep this data safe.
Table of Contents
Common Forms of Financial Compromise
Attackers are looking for the quickest and easiest pathway from initial contact to network compromise. Some of the most common routes taken include:
Phishing: Phishing attacks often take the form of legitimate-seeming emails that try to trick users into clicking on malicious links or downloading infected attachments.
Ransomware: Ransomware may be downloaded onto networks after successful phishing attacks. Once in your IT environment, ransomware encrypts critical data and hackers demand payment for its release.
Missing encryption: If companies fail to encrypt their data in storage, in transit, and at rest, attackers may be able to compromise and steal it.
How AI Can Help Defend Against Data Threats
AI offers a way to supplement your existing security systems and shore up defenses against evolving threats. The learning-driven nature of AI means it can help protect against multiple attack types and compromise pathways that could put data at risk.
AI makes it possible to:
Identify and Respond to Phishing AI tools use advanced algorithms to detect phishing emails and delete them before they reach user inboxes.
Predict Potential Threats
By comparing current and historical attack data, AI can help predict possible threats to security perimeters or sensitive data, then restrict access until user identities are confirmed.
Maintain Encryption Throughout the Data Lifecycle
AI can also help maintain data encryption in storage, in transit, and at rest. It permits the encryption of data during analytics processes to help deliver actionable insight without increasing risk.
Staying Ahead of Attackers
Attackers are picking up the pace. They’re looking for any opportunity to compromise business networks, encrypt files and exfiltrate data. While companies can’t avoid every threat and escape every compromise, the use of AI tools in cybersecurity can help mitigate the impact of attacks and minimize total risks.
For more information on how AI can keep financial data safe, please see the accompanying resource.
Infographic of How Artificial Intelligence Can Help Keep Your Financial Data Safe
I am a digital marketer and SEO content writer at Cloudfindr.
