Cybersecurity and AI in Finance: Safeguarding Sensitive Information

Anything out there is good up until the time it is benefiting someone in one or another way. Because as they say, excess of everything is bad, the same applies to modern technologies as well. Take, for instance, Artificial Intelligence.

When ChatGPT was launched, everyone loved using it because of its ability to boost overall efficiency and productivity of users. And even if you give ears to the viewpoint of a leading FinTech software development company, this software is perfect at:

1. Transforming consumer experience
2. Risk management
3. Compliance
4. Fraud detection

That’s not all! By making the most of ChatGPT, businesses can do other important things as well, such as:

1. Personalize interactions with their buyers
2. Enhance efficiency
3. Offer 24*7 availability

But do you know what the dark side of ChatGPT is? It is not as reliable as people think it is. Yes, recently a British public service broadcaster confirmed that an error in this software application leaked various elements of its users’ conversation histories to random people.

That’s not all! Even if you see the privacy policy of OpenAI, it clearly shows that user data, such as responses and prompts can be utilized to train the AI model.

And it is the main reason, the experts at a renowned FinTech software development company suggest thinking twice before sharing any sensitive information with an AI tool.

Also Read: A Beginner’s Guide to Understanding Cloud Security

Because without the proper knowledge of AI machines, users might fail to learn the major dangers of sharing important information with AI-inspired software. And this is what is going to be our topic of discussion for today. So, let’s begin with:

Some Cybersecurity stats collected by an ace FinTech software development company

1. The international financial services market was worth $22 trillion in 2019.
2. As per the Cost of a Data Breach Report prepared by an American multinational technology corporation in 2019, the cost per breach within financial services was something around $5.86 million on average.
3. Between 2009 and 2019, a few reputed names in the financial sector were breached multiple times. For example, Capital One and Discover were breached 4 times, and American Express and SunTrust Bank 5 times.

Now if you want to develop a robust solution to deal with the data breaching issue within your organization, we would advise you to reach out to a long-existing mobile app development firm on the internet.

Read: How To Transform Ideas into Reality

With that understood, it is time to dive deep into:

What is Artificial Intelligence?

You can interpret Artificial Intelligence as a technology that is focused on the creation and application of computer systems that can perform different tasks often carried out using human intelligence.

It entails the construction of intelligent machines that have the potential to simulate and replicate various cognitive abilities of humans, like:

1. Learning
2. Reasoning
3. Perception
4. Problem-solving
5. Decision-making

And if you imbibe the standpoint of a premier digital transformation services provider, you will become aware that the chief goal of AI systems is to:

1. Process and analyze a massive amount of data
2. Recognize several patterns
3. Execute predictions
4. Take actions based on the performed analysis

Still, looking for the best part? Well, these systems keep learning from their experiences and adjusting their mechanism to enhance overall performance as time goes by. However, you must know that all this becomes feasible through effective machine learning algorithms.

So, now that you have comprehended what the term “Artificial Intelligence” means from the POV of a top-notch mobile app development agency, it is time to shift to the next topic, i.e.,

Read: 5 Benefits of Custom Data Management Solutions

How is confidential data leaked to AI, as per a FinTech software development company?

If we are not mistaken, you have already learned above how the emergence of a bug in OpenAI’s ChatGPT has provided some secret information to unintended users, especially the conversation histories of previous visitors.

Now have you ever thought, what is the root cause of such an issue? If not, we must inform you that OpenAI stores all interactions by default that takes place between users and their virtual product, i.e., ChatGPT.

And the specialists of a famous mobile app development agency say that these conversations are gathered by the software to teach Open AI’s systems. Also, when required, the collected information can be checked by moderators for not following the terms and services of the company.

And the worst part? Even though software like ChatGPT has a “don’t learn/respond only” mode, there is no guarantee that confidential information entered into these tools will remain fully protected without an apt:

1. NDA
2. MSA
3. SOW
4. SLA

It is the main reason some leading digital transformation services providers advise every entity to make sure their staff is not sharing any sensitive information with any AI model that is not in the concerned firm’s full control.

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How to keep sensitive data safe from AI?

Protect your sensitive data from the risks posed by AI technologies. Explore expert tips and best practices to ensure the security and privacy of your valuable information.

#1. Host AI tools locally

Now that we have explained to you how AI comes with some significant drawbacks, it is necessary to keep in mind that many people many utilize AI as a powerful tool to:

1. Improve their productivity
2. Enhance their decision-making
3. Automate multiple tasks
4. Gain competitive advantages

Still, if you are serious about mitigating data security risks for your organization, a long-standing mobile app development firm suggests hosting these AI models locally and preventing them from getting access to the internet.

By doing this, you can rest assured of reducing the risk of data disclosure by keeping all new details fed into the software within the organization’s control.

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#2. Use web filtering and app blocking software

In addition to what you learned above, you can also tap web filtering and app blocking software to proactively prevent access to unapproved AI programs. A case in point here is CurrentWare’s BrowseControl.

Yes, it entails a web content category filter that has a dedicated AI category which allows various corporations to block all sites related to that group or class.

And the best part? As new AI portals are created, they are included in the database automatically. However, if you want to introduce exceptions for some authorized AI websites, then we must tell you that can also be done by simply putting their URLs to the allowed sites list of BrowseControl.

Read: Top 8 Cloud Services Benefits

Conclusion

So, if you liked this entire primer and want to make a Fintech app with some advanced AI solutions to deal with cybersecurity issues, please ensure to get in touch with a reputed FinTech software development company.

Author bio:- I am Naira Allam a mobile app developer with several years of experience in the field and I’m working with one of the fastest growing mobile app development company, ScalaCode.

We are providing mobile app development services to convert your ideas into reality. We use the latest development tools and technologies to create apps that are fast, responsive, and user-friendly, and we are committed to delivering projects on time and within budget.