Finance and banking is always a target of cybercriminals, and the risks will increase when banks and finance companies apply AI. 

With the increasing use of AI in all fields, the benefits are many, but the risks are also countless, and the risks of information security loss are diverse.

For example, previously, only hackers with a high level of technological knowledge could carry out traditional cyberattacks. But now, a person with few skills can also do this. They can use AI to create viruses and create attack tools based on generative AI tools. The risks will be high once AI is used for bad purposes. 

Amid strong AI development, the finance and banking sector is facing new risks. Cyberattacks have become more sophisticated and more difficult to be dealt with.

Risks and information insecurity are becoming worse in both scale, speed and level of damage, such as sensitive information leakage, financial losses, reputation reduction and business disruption.

Scammers use AI and Big Data models to optimize malware, avoid measures used to detect vulnerabilities, and plan sophisticated attacks, such as techniques to attack social networks and spear-phishing.

AI is opening up great opportunities, but also increasing challenges for information security. That is why security is considered one of the major pillars in Microsoft’s development strategy. The others include Cloud, data and AI.

While Cloud is a foundation for AI, and data are the foundation for AI to operate effectively, security solutions ensure that systems and data are always safe.

When giving advice to clients about solutions to cope with cyberattacks in the AI era, Microsoft usually recommends the application of the 3P model – People, Process, Platform.

Of these, people are the key factor. Building a culture of officers protecting information by continuously training officers in security solutions is an important task. Officers need to be reminded of the Zero-Trust principle, which means that there is no moment of absolute safety.

According to the Vietnam Banking Association, about 85 percent of banks have established strategies on using AI when creating new products and services.

Van Anh