Leaders from software and financial institutions explained how artificial intelligence (AI) is strengthening financial cybersecurity during a Capitol Hill briefing last week hosted by the Business Software Alliance (BSA).
The panelists highlighted findings from “AI Strengthening Financial Cybersecurity,” a new report that examines AI’s impact on financial cybersecurity published by the Digital Transformation Network (DTN). The DTN report showcased how AI is enabling IT security operations for companies, defending against social engineering and fraud, and combating AI-based attacks.
During the briefing, panelists explained how AI can strengthen collective cyber defenses.
“AI can be a real force multiplier for defense,” said Mastercard Senior Vice President and Head of US Government Affairs Amanda Slater. “When you compare AI with real-time intelligence, the strong cyber capabilities that we’ve developed, the public-private partnerships and industry forums that we have forged, it really helps us stay one step ahead.”
The discussion also turned to how AI itself can be used as a tool to improve the security of AI systems.
“The best way to secure AI is with AI,” said Cohere Director and Head of Americas Public Policy A.J. Bhadelia. “There is a real effort underway between government and industry alike to collaborate and work ahead together on building more secure AI.”
Panelists also noted the challenges that complex cyber defense practices can present, particularly for small businesses.
“Complexity is the enemy of cybersecurity,” said Palo Alto Networks Vice President, Public Policy & Government Affairs Daniel Kroese. “Cyber defense has been way too complex for a very long time, and if we care about the cyber resilience of smaller entities, making it simple for them is one of the most important ways we can be helpful.”
As cyber threats grow in scale and sophistication, panelists also emphasized the importance of organizations shifting their focus from prevention alone to resilience.
We are now seeing adversarial attacks across entire sectors, geographic regions, and multi-sector environments,” said JPMorgan Chase Executive Director Ben Flatgard. “It necessitates work on our side to not just defend attacks but also prepare our critical infrastructure to be resilient enough to survive even when attacks are successful.”
The panel was moderated by BSA Senior Director, IT Modernization and Procurement Jessica Salmoiraghi and featured Slater, Bhadelia, Kroese, and Flatgard.
Read the full AI in Cybersecurity for Financial Services report here.