Every day, it seems like there is a new report that an organization has had a ransomware attack. These cybersecurity breaches happen to businesses of all sizes. Continue reading if you are interested in learning more about how businesses’ financial data is compromised and how the latest cybersecurity tools can protect your data with the help of Artificial intelligence. 

How Do Criminals Target Financial Data?Cyber attackers use a variety of methods to target financial data. Some of the most common include: 

  • Phishing: Hackers try to gain a user’s access credentials through an email or website that mimics something legitimate.
  • System misconfigurations: When systems are misconfigured or missing encryption, hackers can steal financial data by exploiting loopholes. 
  • Malicious Software: Malware is a common way that hackers gain access to legitimate credentials. In this case, malicious code may be added to something a user downloads, such as a new piece of software.
  • Weak Passwords: Using weak or recycled passwords can leave an opening for a hacker to gain access to sensitive data. In fact, about 45% of employees admit to using the same password more than once.

When your financial data is compromised, it affects business operations but more importantly, it exposes customer data. This can lead to a loss of reputation as well as financial consequences. Businesses must pay damages to customers who were harmed, for instance by paying for identity theft protection services.

How Artificial Intelligence Protects Against Financial Data Threats

Understanding some of the most common threats is the first step to protecting your business. The next step is to add a cybersecurity system that includes artificial intelligence-focused security. AI utilizes machine learning to identify threats. This means it will teach itself using algorithms and past experiences to identify suspicious activity and respond to threats immediately. AI can also run around the clock protecting your network.

AI can monitor emails and prevent phishing emails from ever reaching an employee inbox. AI also helps find weaknesses in a cybersecurity system such as issues with authentication and application of users. If you are interested in learning more about how AI can protect your network check out the accompanying resource below.

Infographic created by DFIN