AI Articles and Analysis about Security

Facial recognition software is making its way into the mainstream, with consumer applications such as the ability to unlock one’s smartphone with their face. The banking sector has been at the forefront of enterprise adoption of AI since machine learning became the hot topic of the business world in the early years of the decade; as such, it makes sense that facial recognition technology would start to make its way into banking.

There are several companies claiming to offer AI solutions to banks and financial institutions. We found that these solutions are intended to help banking and finance companies with at least one of the following business problems:

According to Accenture, approximately 66% of A&D executives polled indicated they are looking at investing in AI for 2019, particularly on security, production, and R&D. 80% believe that AI-based decisions will have a direct impact on the workforce by 2021.

In our previous report, we covered the current use cases for AI in construction and building. As of now, numerous companies claim to assist building maintenance managers in aspects of their roles from optimizing energy usage in building to improving the comfort of building occupants.

The banking and financial sectors are among the top five applications for artificial intelligence across the globe. With India seeming to have woken up to the potential of AI, we decided to cover the developments in the Indian artificial intelligence sector. We then researched the use of AI in the Indian financial services market to better understand where AI comes into play and to answer the following questions:

In 2017, Equifax’s systems were compromised by hackers, and the data of over 143 million Americans was exposed. Other incidents, such as the WannaCry and Petya ransomware scams, have highlighted the vulnerabilities in financial cybersecurity globally. According to the Global Banking and Finance Review, such cyber attacks have cost nearly USD 360 billion per year in losses for each of the last three years.

As of now, numerous companies claim to assist security firms, the military, and consumers prevent crime and defend their buildings, homes, and personal belongings.

In May 2018, Bard College’s Center for the Study of the Drone released a report estimating that 910 “state and local police, sheriff, fire, and emergency services agencies” had acquired drones in the United States by the end of 2017.