Mitigating cybersecurity challenges in the financial sector with Artificial Intelligence

Jiang, Chenle and Broby, Daniel (2021) Mitigating cybersecurity challenges in the financial sector with Artificial Intelligence. Other. University of Strathclyde, Glasgow.

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This paper investigates the evolving cyber threats landscape. This includes the phenomena of ransomware and the risks that such threats have to financial corporations. Cutting-edge technologies, such as Artificial Intelligence, could potentially have an influential impact on detecting cyber intrusions and protecting sensitive and critical business information, as well as ensure privacy. We comment on a framework that explains the causes of reported cyber incidents and the consequences of IT systems breakdown. This is done using fault tree and event tree risk analysis models. The results show that applying Artificial Intelligence techniques can increase the probability of the monitoring systems detecting anomalies and reducing threats. Although the cost benefit of implementing such techniques is still uncertain, they appear to be related to company characteristics such as size and maturity level. We therefore recommend that companies adopt such measures as part of their IT security protocols.