The role of artificial intelligence in banking cybersecurity : the detection and response to cyber threats

Abstract

The field of artificial intelligence (AI) has grown to impact the entire world. This dissertation examines the relationship between AI and cyber attacks against the banking system. While focusing on web-based services, it also seeks to explore and understand the current cyber threat landscape to which banks are exposed and how these can be further detected through the use of AI. Since there is limited knowledge on how AI aids in detecting and responding to cyber threats, a qualitative approach was chosen for this study. Data was gathered from interviews conducted with professionals from law enforcement, regulators, and banks. The main findings revealed that rapid digitalisation has exposed itself to cyber threats, most commonly phishing, smishing, and deepfake technologies. This research found that banks can use AI in cybersecurity to strengthen their defences in response to such exposure to cyber threats and criminal behaviour. However, challenges such as high costs, the need for human oversight, and poor data quality are still present. The collaboration of banks with law enforcement such as the Cyber Crime Unit, and regulators, such as the Malta Financial 福利在线免费 Authority, provides the author and readers with an understanding of how cyber threats are detected and responded to. Furthermore, recommendations are provided to prevent cyber threats from taking over and for banks to adhere to relevant regulatory frameworks. Suggestions for future research are also put forward to enrich the study.