The Effectiveness of AI-Powered Cybersecurity Solutions for Financial Institutions

Abstract

The finance sphere is witnessing the advent of the digital age with web banking, mobile services, and other digital offerings becoming easily accessible. This digitalization process, although, is likely to be the solution to all cybersecurity problems. Cybercrime is becoming more and more energetic and so is the application of sophisticated ways to steal money and data from different systems or services. Security approaches of this type: firewalls and intrusion detection systems, which develop so slowly, have big problems with the rapidly evolving digital security challenges.

Artificial intelligence has positioned itself as a profitable way of strengthening the cybersecurity of the financial industry. Artificial intelligence-based programs capable of processing huge datasets as well as user patterns, and network activity to detect any anomaly and fraud attempts can be developed. By utilizing the latest and advanced methods for threat management they can confront new threats at any time and in fast real-time, which is more effective than traditional ways.

The paper scrutinizes the success of AI-enabled cybersecurity solutions used by banks and financial corporations. It provides a status report on the existing state of knowledge by evaluating the literature in the field, analyzes the regulatory framework contributed by the Reserve Bank of India (RBI), and also devises an agenda for research gaps in the field. Regarding research performed via a secondary research methodology, a meta-analysis of the consideration of current literature is used as the main approach. This meta-analysis will shed light on the current landscape and give us a depictive comprehension of AI usage in financial cybersecurity. In the end, the study focuses on the important discoveries. It then summarizes the results as showing great promise but also some challenges to these AI-powered techniques.