Emerging Technologies Can Help Improve Cybersecurity
Cybersecurity is a huge concern for the business community, both for SMEs and larger enterprises. Emerging technologies generally pose new threats and vulnerabilities and this has business leaders worried. Malware, DDoS attacks, ransomware, phishing and social engineering attacks wreak havoc on companies and institutions all over the world each year and cause financial and emotional suffering to many.
PWCs CEO Survey for 2018 found that cyber-threats ranked the highest amongst the worries of CEOs in the United States, accounting for 63% in the survey. Other concerns such as terrorism, overregulation, and geopolitical uncertainty ranked lower.
However, many of the emerging technologies that are raising concerns over cybersecurity may actually hold the key themselves to countering these threats, securing data and ensuring a safer cyberspace for all.
Thus, we’ve decided to list 3 emerging technologies that can help improve cybersecurity and manage risk.
While cryptocurrencies constantly shift from darling to devil in the public eye due to their high price-volatility, the underlying technology (i.e. blockchain) is a great tool for increasing cybersecurity. Blockchain is a peer to peer network that uses distributed ledger technology which can record transactions across multiple networks. Irrespective of the industry, secure transactions can be made on a blockchain and this is the primary benefit of the technology.
Blockchain has the potential and capability to protect against data breaches, cyber-attacks, theft, fraud and illegitimate manipulation of transactions. Data remains secure, private and transparent.
We at Euro Exim Bank have wholeheartedly embraced blockchain and its benefits through our partnership with RippleNet; a blockchain based financial settlement system that is reliable, secure, cost efficient and incredibly fast.
Ripple is a complete transformation from archaic global payments networks and allows money to move globally, just like information does – quickly, instantly and economically. Payments are made and settled using the cryptocurrency XRP (Ripple) over the Ripple Global Payments Community network as a competitive alternative to traditional payments mechanisms. This is providing essential financial services to SME’s and Corporates traditionally hampered by high costs of foreign exchange and restrictions on liquidity in emerging markets.
Even NASA has now begun to implement blockchain solutions to protect air traffic services from cyber-attacks and to ensure the security of this highly sensitive sector and manage the insane risks that it handles 24/7.
Big Data is often seen as risk and threat by many. However, it has great potential to mitigate cybersecurity risks too. Because the technology collects and stores vast amounts of data for analysis, it can help to observe networks and detect anomalies.
Real-time analytics and predictive analytics can help cybersecurity analysts to avoid vulnerabilities and risks, potentially avoiding attacks before they occur and allowing for quick responses if they do. Governments and large corporations are already deploying the power of Big Data and analytics to mitigate risk and provide fast response times.
Artificial Intelligence also poses its own security threats, with the potential for hackers to use it to more effectively infiltrate networks. But on the flipside, artificial intelligence can be deployed by organizations to monitor and automatically respond to changing conditions on a network and to any threats that may arise.
Natural Language Processing is one of the most important tools that AI can provide in terms of data security by scanning news and chatter on social media etc… to create a clear risk map. The system can then provide insights to cybersecurity officers indicating risks, anomalies and areas for action. Going further, using AI, the network itself will be able to adjust to and regulate individual users in real-time based on access location and network, whilst providing reliable multifactor authentication mechanisms.
Cybersecurity is Important to Us
At Euro Exim Bank we are actively deploying AI and robotic process automation across our networks to ensure seamless integration and connectivity, whilst also providing the highest levels of security for transactions and sensitive data. We have implemented world class standards for cybersecurity and conduct frequent independent audits to ensure that our systems are robust, reliable, responsive and secure.
We believe that each new emerging technology, whilst posing its own unique risks, also provides us with better tools to remain secure in a digital world. Therefore, we at Euro Exim Bank are always open to and constantly searching for new ways to ensure our customers enjoy the highest levels of service and security.