AI in FinTech data security – There’s still a long way to go
AI is transforming how data security is handled in the fintech sector – but there is still a long way to go before it can replace existing systems.
This is according to Altron FinTech IT Manager Gerhard Mentz, who explained that while AI is a great complementary tool to existing data security systems and strategies, it is not yet advanced enough to replace the foundations upon which data security infrastructure is built.
“AI is still in its infancy, and everyone is still learning how to maximise its value,” explained Mentz.
“It offers great value in certain areas, and we are investigating how we can maximise these benefits without compromising the core infrastructure that data security tools are built upon.”
Exciting use cases
Mentz said that where AI does bring huge value, is in the field of advanced threat protection.
“Back in the day, we used vector-type parameters coded into systems. If a user swiped a card in Cape Town, and then swiped the same card 10 minutes later in Johannesburg, we could pick it up,” said Mentz.
However, generative AI and LLM hugely expands the ability of identifying abnormal behaviours by ensuring that advanced threat protection is no longer limited to the parameters that coders have identified.
“With generative AI and LLMs, the system is smart enough to determine abnormal behaviours independently,” said Mentz.
New challenges
Mentz stated that while AI offers great value to data security professionals, it also brings with it new challenges – such as the fact that threat actors can also use it.
This does not change much from a basic protection perspective, but it has increased the scale of malicious attacks.
“In the fintech world, we’re constantly under attack and AI has only increased this challenge,” said Mentz.
Altron FinTech tracks thousands of records daily across the Altron employees and faces hundreds of thousands of end-point attacks across its various endpoints.
The company spends extensive time and money on ensuring its systems are secure, including – annual PCI DSS attestation of compliance certification and constant penetration tests and vulnerability scanning on all environments.
Education is key
Mentz also noted that organisations still face many security challenges due to employees not being able to identify phishing and other social engineering attacks.
Altron FinTech performs rigorous employee education and implements several additional measures to ensure its employees are equipped to handle these malicious actors, as well as to shore up any weak points in its systems.
Mentz recommends that other fintech companies also embrace cybersecurity training for their employees to improve their data security posture – even if they are employing the latest data security technologies.
Click here to learn more about the power of AI in FinTech data security.
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