AI stands to revolutionize cyber defense for organizations in various industries, including community banks. or anything else that requires quick analysis of a large amount of data. 5. Improve Security Against Evolving Threats: Traditional cybersecurity methods may be slow to adapt to new or evolving threats, but AI quickly adapts to identify new threats and elevates threat intelligence. AI can also automate incident response by containing a breach within seconds and improves network security by locating and securing weak spots. Additionally, AI is strengthening attack prediction with behavioral and predictive analytics, which will likely only grow more accurate. 6. Alert on Anomalous Behavior: Since AI can analyze enormous amounts of data, it can identify patterns and detect anomalies by distinguishing between normal and unusual behavior without involving a human to spend time investigating all cases. If unusual activity occurs on a network, AI sends real-time alerts. Enhanced threat detection and response are already highly accurate, but AI drives enhanced investigations and forensics of attacks. Evaluating Cybersecurity and AI Before implementing AI in your cybersecurity strategy, there are various considerations to keep in mind. One of the top considerations for your institution should be network security. Your configurations should be addressed to ensure no vulnerabilities exist. Securing your data is critical to ensure your AI engine is not training on confidential information. Are your files and confidential information protected? If you have a strategic plan or other proprietary documents saved in an area used for training your AI model, then your confidential data could be generated in search results. Banks should understand their controls around data security before moving forward with an AI engine. If your institution uses publicly available tools like ChatGPT, ensure employees understand the risks of uploading sensitive documents or information. Refer to available AI guidance from regulators before encouraging or allowing employees to leverage these tools. How Should Community Banks Approach AI and Cybersecurity? Given AI’s prevalence in the industry, it seems this technology is here for the long haul. Community banks should seize the opportunity to educate and train their employees, customers and communities about AI and cybersecurity best practices. Community banks can directly contribute to a stronger, safer community and customer base by providing education on AI’s perils and pitfalls. Training topics should include educating customers on identifying AI-generated schemes, how to report them and best practices for navigating this new AI landscape. Community banks should take this opportunity to educate their customers and communities about AI and other cybersecurity best practices. For instance, as social engineering schemes evolve, banks should ensure that customers know what questions their institution will and won’t ask them via phone, text or email. Moving Forward with Your AI Strategy AI stands to revolutionize cyber defense for organizations in various industries, including community banks. And as cybercriminals continue leveraging AI to improve their attacks, institutions must figure out how to effectively use it to beat them in their own game. This means adapting and implementing new tools — all while ensuring proper controls remain in place to mitigate risk. As institutions develop strategies to supplement existing cybersecurity measures with AI, it’s important to consider the risks and rewards. But one thing is clear: This technology is set to continue shaping the technology landscape. DID YOU KNOW? Enjoy your association news anytime, anywhere. Scan the QR code to visit our online publication to stay up to date on the latest association news, share articles and read past issues. west-virginia-banker.thenewslinkgroup.org 25 West Virginia Banker
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