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Protecting data in 2020 and beyond: The role of blockchain technology and artificial intelligence in neutralising the growing threat of cybercrime
Journal of Financial Compliance,
3
(3),
217-224
(2020)
Abstract
As the volume and value of data continue to increase exponentially, and at previously unseen speed, cybersecurity professionals are having to rethink how they store and manage digital information. Nowhere is this more relevant than in the financial services sector, a prime target for professional cybercrime operations from organised crime through to rogue nation states. This paper, takes a closer look at two tools that chief information officers are considering turning to for combating this threat in the age of rapid data expansion — artificial intelligence (AI) and blockchain. This paper examines the characteristics of distributed ledger technology, which provides greater security than traditional data storage methods and the protocols that must be implemented to ensure that blockchain-powered data, including cryptocurrencies, remains secure. The paper also provides specific examples of regulatory bodies introducing distributed ledger technology into guidelines and the role this might play in cybercrime prevention. The paper then examines why 69 per cent of financial organisations now say that they will not be able to respond to critical cybersecurity threats without AI and why 73 per cent are testing use cases for AI in cybersecurity, including some examples of testing in action and their results.
Keywords: cybercrime; cybersecurity; blockchain; artificial intelligence (AI); data; distributed ledger technology
The full article is available to subscribers to the journal.
Author's Biography
Daniel Kornitzer is Chief Business Development Officer for Paysafe. In this role, he is responsible for developing strategic partnerships for Paysafe designed to meet customer needs and grow new revenues. In his 20+ years in technology management, Daniel has pioneered ground-breaking initiatives, from one of the world’s first over-the-phone speech recognition systems and the ISO/ITU standards for video coding in use today, to FirePay’s digital wallet and industry-leading risk management processes. This latter role resulted in his subsequent appointment as a member of the NACHA Risk Management Task Force. With deep knowledge of customer needs and a profound understanding of the global payments industry, in general, Daniel is also a well-regarded and active payments commentator and speaks regularly at industry events. He also sits alongside other industry visionaries as a member of the advisery panel for Shyft Network, a leading blockchain network for the global economy, and on the ETA Canadian Executive Council. Daniel holds a B.Eng in electrical engineering from Ecole Polytechnique of Montreal; an M. Eng from McGill University and a diploma in network engineering from the University of Toronto.
