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Mitigating cybersecurity risks in financial institutions: The role of AI and data analytics
1 Management Information Systems, University of Illinois, Springfield, USA.
2 College of Technology, Wilmington University, New Castle, Delaware, USA.
3 Department of Economics and Decision Sciences, Western Illinois University, USA.
4 Department of Management Information Systems, University of Illinois Springfield. USA.
Review
International Journal of Science and Research Archive, 2024, 13(01), 2895–2910.
Article DOI: 10.30574/ijsra.2024.13.1.2014
Publication history:
Received on 13 September 2024; revised on 20 October 2024; accepted on 22 October 2024
Abstract:
In an increasingly digital financial landscape, financial institutions face a growing array of cybersecurity threats that jeopardize sensitive customer data and operational integrity. This paper examines the critical role of artificial intelligence (AI) and data analytics in mitigating cybersecurity risks within financial institutions. By leveraging advanced algorithms and machine learning techniques, banks can enhance their ability to detect and respond to cyber threats in real time. The study begins with an overview of prevalent cybersecurity challenges in the finance sector, such as phishing attacks, ransomware, and insider threats. It then explores how AI-driven systems can proactively identify vulnerabilities, monitor network traffic, and analyse user behaviour to detect anomalies that may indicate a security breach. The paper also highlights case studies of financial institutions that have successfully implemented AI solutions to strengthen their cybersecurity posture. Furthermore, it discusses the ethical implications and regulatory considerations surrounding the deployment of AI in cybersecurity. The findings underscore the importance of a multi-layered security approach that combines human expertise with AI-driven insights to create a resilient defense against evolving cyber threats. This research aims to provide actionable recommendations for financial institutions seeking to enhance their cybersecurity frameworks through the strategic application of AI and data analytics.
Keywords:
Cybersecurity; Financial Institutions; Artificial Intelligence; Data Analytics; Risk Management; Threat Detection
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0
