Numerous challenges encountered by enterprises often require AI and machine learning solutions. AI tools offer such an amazing feature to enhance organizational capabilities such as automated decision power, boosting predictive analysis, data analysis and data theft detection, cyber threat protection and a lot more.
Why AI tool is the technology of next generation?
In today’s age, all leading organizations deploy AI based tools for their digital transformation. It helps companies in growing their business and marketing their top-notch products. It also helps in hiring the right people, automating company’s finances, increasing customer satisfaction ratio, identifying fraud, detecting cyber intrusion and a lot more.
AI tools enhance businesses productivity by automating the processes. With AI tool, enterprises can customize the solutions specific to a problem that usually human can’t do.
- About 84% of marketing companies implemented AI and machine learning enabled products in 2018
- About 75% of businesses used AI and machine learning solutions to increase customer satisfaction by 10% in 2018
- Corporate investment in AI was tripled in 2017 and its expected that it will become a $100 billion market by 2025.
- In 2016, $5 billion investment was recorded in machine learning venture.
- A recent survey found that about 44% of US customers prefer chatbots rather than humans.
AI Tool For Cybersecurity
Let’s see, how financial businesses and enterprises encountered security threats in past years.
Financial industry has seen a major shift in attacks in past few years. In 2017, attacks on atm machines continued to increase along with fileless malware attacks on banks infrastructure.
Number of end users affected by banking trojans rose up to 767,072.
Around 19% of corporate users were attacked by banking malware.
It affected users around the world including Germany, China, Russia, Brazil, Vietnam and the United states. The most dangerous among banking malware family are Zbot and Gozi that affected 33% and 27.8% of attacked users respectively.
Also in 2017, a large number of end users were attacked by android banking malware in Russia and Australia.
In 2018, financial phishing considerably decreased from 53.8% to 44.7% among all phishing detections. Phishing attacks on Mac users grew up to 57.6%. In 2018, the number of users attacked by Android banking malware increased up to 1,799,891 worldwide.
Most affected countries were Russia, South Africa, and the United States. In 2018, cryptocurrency became a hottest topic that brought the risks of ransomware.
In 2019, financial organizations suffered huge number of attacks, data breaches and data stealth.
Biometric systems were implemented in financial organizations for user identification and authentication and attacks were made on biometric data and hackers leaked several major biometric records.
These biometric records were then used to carry out POC ( proof of concept) attack.
In March 2019, several attempts of DDoS attacks against financial companies were observed. Attackers used TCP SYN-ACK packets that flooded their data centres and damaged their reputation.
Considering the effects of cyberattacks on financial sector in past years, we can predict that in future, cyberattacks will continue to evolve, not only in the financial sector but also in other industries such as health care, retail and government.
Regarding financial organizations, cyber criminals are likely to develop more sophisticated ways to cause monetary losses.
In 2020, we can expect an increase in mobile malware and cloud-based attacks. Insurance companies and banks need to work on their security strategies as current practises are susceptible to vulnerabilities. The industry is likely to witness an increase in DDoS attacks especially banking sector.
In near future, hackers are likely to develop more mature malware to counteract current security mechanisms hence, it is high time to deploy an efficient security system that can ensure protection from all kinds of malware either traditional or advanced.
AI-Enriched Cyber Tool, An Ultimate Solution
An AI-enriched cyber toolprovides a complete solution for financial businesses that enable them to proactively hunt down malware variants and other critical cyber threats that can bypass security layers. Such tools are based on artificial intelligence and provides intrusion detection at all security layers.
From network configuration to digital connections to IoT device configuration, right selection of cyber tool monitors enterprise’s entire network for abnormalities and detects even a tiny behavioural anomaly.
Thus, the tool detects malicious threats in their earliest stages along with regular scans of any suspicious activity across endpoints of the enterprise.
There are numerous cyber tools available in the market offered by multiple companies but only AI-based cyber tool can cater the growing security and performance concerns of financial businesses
Areeba Jehanzaib holds bachelor’s degree in Electrical Engineering with inborn passion to create content on top-notch technologies. She started her career as a technical writer during early years of graduation. Over the years, she has worked with notable companies across the globe, providing services of technical documentation, content creation and supervision. You can reach her via Linkedin