With financial services organizations increasingly adopting artificial intelligence (AI) technologies, the potential for innovation and efficiency is immense. However, this transformation brings significant cyber risks that must be carefully managed. Insights from a recent presentation by EY highlight critical vulnerabilities associated with AI deployment in cloud environments, particularly in the context of financial services in Switzerland.
Understanding the cyber risks involved in using AI within your organization
The integration of AI in financial organizations is revolutionizing operations; however, it also introduces new cyber-related threats that demand advanced cybersecurity measures. Therefore, assessing the cybersecurity risks inherent in AI adoption is essential for all financial institutions looking to innovate responsibly.
To illustrate the identified risks, consider CyBank, a fictious mid-size bank that has implemented an AI-enabled relationship manager for corporate banking. The most prominent cyber risks related to the use of that AI-enabled solution are described below:
Risk of data compromise
The vast amounts of sensitive financial information processed by AI systems create a large attack surface, making them attractive targets for cybercriminals seeking unauthorized access. This risk is exacerbated by the decentralized nature of data storage in AI models, which complicates the management and protection of sensitive information. Unauthorized access to this data can have severe consequences, including AI data breaches and identity theft, particularly if robust security measures are not implemented to safeguard against such vulnerabilities.