By: Pinaki Sahu, International Center for AI and Cyber Security Research and Innovations (CCRI), Asia University, Taiwan, firstname.lastname@example.org
There are a lot of new cyber dangers targeting the banking business, like hacking attempts and data breaches. The need of strong cybersecurity steps are very important. This article delves into the importance of chatbot assistance for improving internet security in the banking industry. Chatbots, which are AI-powered software best known for their customer service features, can help protect private financial data in numerous ways. They offer real-time threat detection, educate customers on best security practices faster incident response, and provide continuous monitoring. In a time where cybersecurity is of the highest priority, chatbots have become essential for financial institutions aiming to safeguard customer assets and maintain customer trust in the digital age.
Cyber challenges are always changing, and the banking industry has to deal with them. Every day, financial institutions deal with huge amounts of private data and financial transactions. Because of this, they need strong protection steps right away. In the past few years, the industry has turned to cutting-edge solutions, such as artificial intelligence (AI) and robots, to make their defenses stronger against cyber-attacks. Chatbots, which are conversational agents powered by artificial intelligence, have found universal use in banking. In addition to their traditional function of improving customer service and operational efficiency, chatbots are increasingly used to strengthen the industry’s resilience against cyber threats.
The Growing Threat of Cyber Attacks
There are many online risks that banks have to deal with, such as hacking, malware attacks, data breaches, and ransomware. Not only can these risks cost a bank money, they can also hurt its image and make customers not trust it. Because of this, the financial industry realised it needs to use new technologies to keep customer trust and protect private information.
The Role of Chatbots in Banking
Chatbot assistance is powered by artificial intelligence programs that are made to assist people. They are used a lot in many fields, including banking. Their customer service is available 24/7, and they reduce processes to make them more efficient. But they are useful for more than just helping with customer service but they also help protect data.
- Real-time Threat Detection: The financial institution can add chatbots to its security system to keep an eye on network data and spot any odd or suspicious behavior as it happens. They can quickly report any possible threats, such as attempts to log in without permission or strange patterns of transactions. Banks can respond more quickly and effectively to possible breaches when they use this preventative way to find threats .
- Customer Education: People can learn about the most effective ways to stay safe online from chatbots. They can give you tips on how to make strong passwords, spot hacking attempts, and set up safe ways to do online banking. Customers can feel safer using online banking because chatbots support them by giving them information .
- Faster Incident Response: In the case of a cyber crisis, chatbots can fulfill the role of the primary interface for customers, effectively handling their inquiries and promptly offering assistance. This enables human cybersecurity professionals to concentrate on the breach and guarantees that clients are provided with accurate and prompt information regarding the incident.
- Continuous Monitoring: Chatbots provide continuous and vigilant monitoring, ensuring a persistent and attentive presence within the digital realm of the bank. Consequently, individuals are able to identify unusual patterns or occurrences that may escape conventional human analysis. This contributes to an enhanced level of safety inside the banking institution.
In an era characterized by increasing cyber dangers, it is essential for banks to employ state-of-the-art technology to safeguard client data and financial assets. The emergence of chatbots has led to the recognition of their significance in the field of cybersecurity . Chatbots play a crucial role in enhancing the security of the banking industry through real-time threat detection, consumer education, faster incident response, and continuous monitoring. In order to actively safeguard the interests of their clients and maintain an advantage against hackers, banks must prioritize the adoption and use of this technology, rather than considering it as a simple voluntary measure. The increasing significance of chatbots in maintaining clients’ confidence and safety within the banking sector is expected as the business experiences ongoing transformations in the era of digitalization.
- AL-Dosari, K., Fetais, N., & Kucukvar, M. (2022). Artificial Intelligence and Cyber Defense System for Banking Industry: A Qualitative Study of AI Applications and Challenges. Cybernetics and systems, 1-29.
- Gulyás, O., & Kiss, G. (2023). Impact of cyber-attacks on the financial institutions. Procedia Computer Science, 219, 84-90.
- Lai, S. T., Leu, F. Y., & Lin, J. W. (2019). A banking chatbot security control procedure for protecting user data security and privacy. In Advances on Broadband and Wireless Computing, Communication and Applications: Proceedings of the 13th International Conference on Broadband and Wireless Computing, Communication and Applications (BWCCA-2018) (pp. 561-571). Springer International Publishing.
- Abdelhamid, S., Mallari, T., & Aly, M. (2023, June). Cybersecurity Awareness, Education, and Workplace Training Using Socially Enabled Intelligent Chatbots. In The Learning Ideas Conference (pp. 3-16). Cham: Springer Nature Switzerland.
- Kochhar, K., Purohit, H., & Chutani, R. (2019). The rise of artificial intelligence in banking sector. In The 5th International Conference on Educational Research and Practice (ICERP) 2019 (p. 127).
- Alsmirat, M. A., Jararweh, Y., Al-Ayyoub, M., Shehab, M. A., & Gupta, B. B. (2017). Accelerating compute intensive medical imaging segmentation algorithms using hybrid CPU-GPU implementations. Multimedia Tools and Applications, 76, 3537-3555.
- Tripathi, S., Gupta, B., Almomani, A., Mishra, A., & Veluru, S. (2013). Hadoop based defense solution to handle distributed denial of service (ddos) attacks.
- Almomani, A., Gupta, B. B., Wan, T. C., Altaher, A., & Manickam, S. (2013). Phishing dynamic evolving neural fuzzy framework for online detection zero-day phishing email. arXiv preprint arXiv:1302.0629.
- Gupta, B. B., Joshi, R. C., & Misra, M. (2012). ANN based scheme to predict number of zombies in a DDoS attack. Int. J. Netw. Secur., 14(2), 61-70.
- Bhatti, M. H., Khan, J., Khan, M. U. G., Iqbal, R., Aloqaily, M., Jararweh, Y., & Gupta, B. (2019). Soft computing-based EEG classification by optimal feature selection and neural networks. IEEE Transactions on Industrial Informatics, 15(10), 5747-5754.
Sahu P. (2023) Enhancing Cyber Security in the Banking Sector with Chatbot Assistance, Insights2Techinfo, pp.1