In the rapidly evolving landscape of financial services, security chiefs are now tasked with architecting data security strategies that not only leverage the potential of artificial intelligence but also safeguard against its latent dangers. As the generative AI (GenAI) revolution heralds significant opportunities, it also hides threats that must be vigilantly monitored.
According to a Deep Instinct survey, 85% of security experts link a surge in cyberattacks to the adoption of AI by nefarious actors. With advanced phishing schemes and rapidly propagating malware that expertly slips under the radar, the urgency for preparedness, especially around an organization’s data estate, has never been greater.
When considering security strategies for adopting GenAI, compliance – like security – is also pivotal to consider. IDC predicts that by 2026, AI regulatory divergence across geographies will create major challenges for multinational organizations, increasing implementation time and effort for sensitive use cases by up to 10%.1
Despite these challenges, GenAI offers valuable tools for security professionals. GenAI assistants, or “copilots” can distill updates in compliance regulations, accelerate intricate tasks such as risk assessment and fraud detection, monitor potential threats on hacker forums, and prioritize essential action items. As an example, Microsoft Copilots can assist in enhancing the security of code, identifying vulnerabilities within applications, and fostering a trusted culture of information sharing both within organizations and across industries.
To capitalize on these opportunities necessitates sophisticated data management practices that balance the integrity and quality of data with the critical need to protect sensitive and personally identifiable information. GenAI should be used responsibly with stringent measures to prevent abuse, bias, or data leaks, ensuring those handling GenAI models follow clear protocols to comply with privacy laws and protect sensitive information. To build confidence in the secure and responsible use of these new GenAI applications, security leaders must be equipped to explain their strategies and implementation roadmaps to stakeholders, customers, and regulators.
Leaders in the field, such as Mary Kryska, an EY Partner and Technology consulting Principal, underscore the importance of evaluating security risks through the lens of their business impact. She emphasizes executives need to consider the interplay between economics, performance, governance, compliance, and reputation and the spectrum of security consequences ranging from financial health to compliance adherence and reputation management.
According to Varun Sharma, EY Americas Cybersecurity Markets and Growth Leader, “embracing GenAI’s transformative potential hinges on a critical awareness of our data coupled with unwavering enforcement of governance controls. Establishing a robust data management framework ensures not only compliance but strengthens our defenses against AI-powered threats.”
Experts like Ed Bobrin, EY Americas Executive Director of Technology Consulting for AI and Data emphasizes, “focusing on developing a validation framework to help with enforcing the governance controls.”
Bobrin recommends the importance of human oversight, using organization-specific, and continuous testing to mitigate the risk of bias and inaccuracy.
He says: “this includes creating safeguards to redirect queries to alternative sources or contacts when the data foundation has not been adequately vetted, thus preserving credibility. This approach, coupled with transparency in training and application of GenAI models is paramount in cultivating trust among users, the general public, and regulators.”
The fastest way to achieve positive outcomes is to leverage consulting partners, like EY and GenAI technology leaders like Microsoft. EY teams bring extensive experience in financial services, data management, and cybersecurity. Microsoft brings enterprise-grade security, privacy, compliance and additional Responsible AI technologies, platforms and tools that will help protect clients out of the gate. Every day, throughout the world, businesses, governments, and capital markets rely on EY business ingenuity and the power of Microsoft technology to solve the most challenging global issues.
As organizations navigate this new era of intelligence to drive innovation and growth, uncompromising vigilance and addressing the evolving threat landscape will remain the beacons guiding financial services toward a responsible, secure and compliant future with GenAI.
EY and Microsoft have collaborated to develop a comprehensive framework for addressing the evolving threat landscape and adopting a responsible AI approach for your organization – learn more.
1IDC, IDC Futurescape, Worldwide AI and Automation 2024 Predictions, #AP50341323, Oct 2023