How ‘explainable’ AI is boosting trust within the financial sector

AI is certainly proving its value in the financial services industry, with applications ranging from identifying fraud and fighting financial crime, to supporting innovative new digital experiences for customers. However, the advance from traditional rule-based models into machine learning for decision-making is creating a new wrinkle for financial institutions.  Without proper steps to ensure trust in decision-making with machine learning …

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Businesses suffer major financial damage as a result of supply chain attacks

Security breaches caused by the compromise of a software provider or other partner are causing businesses significant headaches, a new report from email security company GreatHorn suggests. Also known as supply chain attacks, these incidents have affected three quarters of organizations, the majority (79%) of which suffered financial losses as a direct result, to the tune of $6.1 million on …

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Many financial workers are still way behind on their tech knowledge

Finance departments in UK businesses seem to be stuck firmly in the past, as many haven’t modernized their practices in decades. This is according to a report from business process automation solutions providers Invu, called “The Covid-19 stress test for business: an accelerator for change”. Based on a poll of 210 business decision-makers working in organizations of varying sizes, the …

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UK financial services companies are embracing ‘alternative data’

Financial services companies in the UK are using an increasing number of alternative data sources when making key business decisions, a new report from Oxylabs suggests. The proxy provider polled 252 senior data decision-makers from the country’s finance sector and found that 63 percent of respondents use “non-traditional” data sources that have not previously been analyzed. These include web scraping …

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Businesses are feeling the financial hit from tackling cyberattacks

Ransomware is becoming more devastating by the day and organizations that fall victim to attacks are suffering a significant financial toll. This is according to a new report from ransomware and data protection provider ProLion, which claims that 43 percent of businesses have been targeted in the past year, up from 38 percent the year before. Basing its findings on …

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Lack of cybersecurity expertize stopping financial firms from protecting their data

Last year, financial organizations that keep their apps and data in the cloud  suffered all kinds of cybersecurity incidents, all due to the lack of in-house security knowledge. These are the findings presented in the 2021 Cloud Data Security Report, issued by cloud security company Netwrix. Polling 937 IT professionals worldwide, Netwrix found that more than half (59 percent) of …

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UK financial watchdog hit by barrage of malicious emails every month

In the last three months of 2020, the UK’s finance regulator received roughly 2,666 malicious emails every day. According to a new report from litigation firm Griffin Law, the Financial Conduct Authority (FCA) was the recipient of almost a quarter of a million malicious emails (238,711) in the fourth quarter of the year. Most of these emails were classified as …

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Financial services sector pushing hybrid cloud usage more than ever

The financial services sector is pushing hybrid cloud usage more than ever, a new report from Nutanix states. The company’s third annual Enterprise Cloud Index Report claims that financial services firms expect hybrid cloud to be the only IT model to show positive growth within half a decade. It is expected to grow by 39 percent during that time. Furthermore, …

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SMBs that disclose breaches face less financial damage

Businesses that proactively disclose data breaches tend to lose less money from the event, compared to those that try to keep the incident a secret.  This is according to a new report from cybersecurity experts Kaspersky, which polled  more than 5,200 IT and cybersecurity practitioners. Kaspersky found that SMBs, but enterprises as well, that voluntarily inform their stakeholders about an …

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AI making inroads in financial services sector, but not without difficulty

Artificial Intelligence (AI) is making inroads in the financial services sector, but not without difficulty, and there’s still a lot of work to be done before it reaches its potential. This is according to a new report called Smart Money: How to drive AI at scale to transform the financial service customer experience, recently published by the Capgemini Research Institute. …

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