Cyber Security: AI Can Cure All Woes

Imagine a session where participants gathered just to discuss possible solutions and best practices that can be implemented to protect systems from malware threats. And such was precisely the session found at Money20/20 Europe in Amsterdam!

The session titled Cyber Security: In The Trenches And Across Borders was moderated by Noemie Papp, the head of digital and retail at European Banking Federation. The guests included Coordo Lonati, CERT officer Intesa Sanpaolo Group; Carstern Athrens, CEO G&D Mobile Security; Thomas Bostrom Jargensen, General Manager EMEA AllClear ID and Max  Laemmle, CEO and Founder Fraugster.

At the start of the session, the moderator informed the audience that the criminal gang leader involved in the infamous malware attack last year, which targeted more than 100 financial institutions in around 40 countries, has been arrested from Spain in March, 2018. The attack had resulted in a punitive loss of $1 billion to the banking industry, she said.

During the course of the discussion, the guests were of the view that businesses need to reach out to security professionals who can verify transactions for them through strong customer authentication methods and practices. This involves human interaction, which still remains one the most effective way to protect customers against identity theft. However, they all seemingly agreed that artificial intelligence was the ultimate solution to all cyber security woes.

The price a customer has to pay to protect his systems from white-collar hacking is insignificant as compared to the damages that it averts. They were of the view that companies and businesses need to work together and collaborate towards building a secure cyber space and share information when they detect something. The discussion also highlighted the need of regulators and discussed the role they play to ensure secure existences for all stakeholders.

Talking about developing solutions to implement security practices at the user level, the experts agreed that such solutions need to be easy to use otherwise the customers will not be attracted towards using it.

They also discussed the need to further secure the means and ways which people prefer to unlock their account with, e.g. fingerprint sensor or face unlock are liked by the customers but are not properly secure ways to access an account. They, however, agreed that security cannot be compromised for convenience.

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