UK Finance Regulator warns of AI risk - ManageEngine Comment
July 2023 by Arun Kumar, Regional Director, Manage Engine
The head of the UK’s financial regulator is to warn that banks, investors, and insurers will have to ramp up their spending to combat scammers using artificial intelligence to commit fraud, according to the Guardian.
Arun Kumar, Regional Director, Manage Engine, comments:
“The UK’s financial watchdog is right to raise a red flag to banks, investors, and insurers. The recent AI boom has put scammers into overdrive, and we’ve seen the rise of cyber fraud, cyber-attacks, and identity fraud as a result.
“We need a dual defence, with regulators and businesses joining forces to put the necessary, regulation and security practices to keep pace with the level of attacks. We shouldn’t be thinking about the current threats, the next wave of AI-cyber-attack innovation needs to be foreseen and carefully managed.".
“Strong security practices and an AI fuelled cybersecurity defence can bolster cyber defences – we need to fight AI driven cyber-attacks with AI driven cyber defences. For example, artificial intelligence and machine learning helps to detect any abnormal behaviour by collating data from various sources, correlate and mitigate attacks proactively."