The recent development of AI-based technologies over the last years has caught the attention of pretty much every sector of society, and Fintech companies are no exception.
According to a study made by Statista in January of this year, the market of AI development in Fintech companies has reached a total value of 44 billion USD right now. The research also mentioned that the sector will continue to grow and reach over 50 billion in 2029.
These studies show a clear interest in introducing AI in all fintech operations. But how safe is using AI for cybersecurity, and how could it be used against them? This is an insight into the near future of fintech.
The Importance of Data Privacy in Fintech
Data privacy is crucial for any fintech company, since most of them handle personal details and financial information on a daily basis. If any of these companies fail to prove their reliability, they could face legal charges that could put them out of business.
Countries like the United States constantly enforce new regulations to ensure the safety of their citizens and their information, so it’s extremely important for fintech companies to invest constantly in that area and stay up-to-date with the latest trends.
Protecting Personal Information in Blockchain-Based Transactions
Blockchain networks offer a safe space for transactions since the data is completely encrypted and cannot be accessed without the proper key. With that said, these platforms are not human-proof, so here are some tips to protect personal information while using them:
Erase Accounts and Data: Removing personal data and emails from websites regularly can prevent them from selling that information to third parties that could use them for phishing attacks and gain access to blockchain keys.
Use Different Emails: It’s common knowledge, but using a separate email for blockchain accounts and work can prevent further access from strangers.
Protect Mobile Devices: Smartphones and tablets can be stolen. Hence, it’s crucial to apply authentication measures and avoid leaving sensitive details inside the memory.
Mitigating Cybersecurity Threats in the Fintech Sector
Artificial intelligence is not the ultimate solution for the safety of any fintech company; in fact, many hackers have begun using AI models to execute large-scale attacks or manipulate workers into giving personal information.
Not everything is bad news, though. Many cybersecurity companies, like Crowdstrike and Fortinet, are implementing AI to detect threats faster and deal with advanced attacks.
Of course, these measures are only effective if the employees are properly informed about cybersecurity and the company stays up-to-date with its software, so it’s important to keep investing in both to mitigate any future threats.
Closing Off
The recent developments in Artificial intelligence are revolutionizing every sector of society, including cybersecurity. However, companies must not fall into the trap of believing that AI will solve every problem for them, or else they could put their company at risk.
While AI can be a valuable tool, it can only shine if the people are already knowledgeable about cybersecurity and programming, so companies must continue investing in both.
{Categories} _Category: Takes{/Categories}
{URL}https://techbullion.com/the-future-of-fintech-the-role-of-artificial-intelligence-and-cybersecurity/{/URL}
{Author}Miller Victor{/Author}
{Image}https://techbullion.com/wp-content/uploads/2024/09/Artificial-Intelligence-2.jpg{/Image}
{Keywords}Artificial intelligence,cybersecurity,fintech{/Keywords}
{Source}POV{/Source}
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