binarypublishArtificial intelligence (AI) is transforming investment firms by automating operations, streamlining compliance, and enhancing data extraction. However, while AI can improve detection and defense against cyberattacks, it also provides malicious actors with more effective modes of attack. Investment firms need to become more agile and dynamic in their approach to detecting and countering threats as the cyber threat landscape evolves. Some key elements that firms need to consider include training security teams on detecting deep fakes, investing in endpoint protection, implementing multifactor authentication, and ensuring strong governance and controls to address ethics, bias, and compliance issues related to AI. Cyber insurance is also recommended as an added protection, while third party risk management becomes critical for firms leveraging AI capabilities. Managed service providers and specialized cybersecurity consultants can provide necessary functions on a consumption basis. It is imperative for investment firms to strategize their cybersecurity measures now to stay ahead of increasingly sophisticated attacks.
AI’s Double Edge: The Dual Impact on Cybersecurity in Investment Firms
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