The Growing Cybersecurity Threats in Finance due to AI

The finance and banking sectors have become prime targets for cybercriminals, especially as AI technology gains traction.

While AI offers significant advantages, it also introduces numerous security risks, raising concerns over information security vulnerabilities.

Previously, cyberattacks required advanced technical skills, but now even those with minimal expertise can exploit AI tools to create malware and launch attacks. The potential for misuse greatly amplifies security threats.

As AI technology evolves, the financial industry faces challenging new risks. Cyberattacks are increasingly complex and challenging to combat.

As the risks escalate, issues like data breaches, financial losses, harm to reputation, and operational interruptions are on the rise, complicating information security measures.

Cybercriminals are leveraging AI alongside Big Data analytics to enhance malware effectiveness, circumvent detection systems, and execute intricate attacks such as social media exploitation and targeted phishing.

Acknowledging these risks, Microsoft emphasizes security as a crucial part of its strategic development, alongside Cloud services and AI.

The Cloud serves as the foundation for AI, while robust security solutions are essential to safeguard data and systems.

To assist clients in mitigating cyber threats in the AI landscape, Microsoft recommends adopting the 3P Model: People, Process, and Platform.

Among these, the role of people is vital. Cultivating a security-conscious culture through ongoing training for staff is essential, and reinforcing the Zero-Trust principle—recognizing that complete safety is never guaranteed—is critical.

According to the Vietnam Banking Association, approximately 85% of banks have started developing AI strategies to design new products and services.