I recently had the honor of testifying before the House Financial Services Committee’s Taskforce on Artificial Intelligence about two critical emerging issues in the financial services sector – cloud and artificial intelligence (AI). Both have incredible potential for energizing the financial sector, but they also raise important security concerns.
Financial services organizations are migrating to the cloud to reduce complexity, cut costs, and focus their capabilities on delivering financial services to their customers. Leveraging the cloud, both large and small institutions benefit from advanced technology that is normally only available to those who can substantially invest in a highly technical workforce.
While cloud providers generally practice strong cyber hygiene, enabling quick responses to vulnerabilities and security incidents, there are also major security challenges with moving to cloud.
Because cloud providers service many clients, a single breach can place multiple organizations’ data at risk. Today, almost all organizations, including financial services, use multiple cloud providers, a trend that is making visibility into operations more challenging. To remediate this situation, organizations need solutions to manage visibility and monitor security between cloud service consumers and providers. Services like McAfee’s MVISION Cloud, a Cloud Access Security Broker (CASB), represent a critical new class of applications that are rapidly being adopted to manage and secure diverse cloud environments.
As with cloud, we must also understand the capabilities, limitations, and risks of AI. Financial services organizations are using AI and machine learning to enable advanced analytics that allows them to better serve and protect customers, while better managing overall cost.
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