Technology Banking
risk | 2 minute read Wells Fargo. Can AI keep your data safe from cyber hacking? Almost every news cycle features a data breach or cyber attack due to the evolving landscape of cyber threats and the constant game of catch-up businesses must play in order to remain secure. The introduction of artificial intelligence (AI) is helping to move businesses from reactive to proactive in avoiding breaches and cussting down response times - with the support of the C-suite. Businesses like Wells Fargo are piloting artificial intelligence-driven bots to interact with clients, but, while customer-facing AI provides the crucial element of scalability, AI can be useful in recognizing patters in data and informing decision-making in cyber security [1]. 94% of executives rate security as an extremely or very important priority for their oganization [2]. Cyber security considerations are deemed very or extremely critical by 61% of executives [2]. 81% said they have implemented automated solutions for security [2]. Financial crimes alone are a $620 billion industry [3]. Annual losses in billions [3]: Healthcare Fraud (NHCAFA and CBO) - $80 Billion; Insurance Fraud (NCIB) - $40 Billion; Mortgage Fraud (FBI/MBA) - $40 Billion; Identity Theft (Javelin) - $21 Billion; Stimulus Grant Fraud (RAT Board) - $40 Billion; Payments Fraud (LexisNexis) - $200 Billion; Trade Fraud (Zdanowiczj) - $200 Billion. 47% of businesses receive external notifications of breaches and 53% discover the breaches internally [4]. The threats [2]: Hacktivists, Cyber Terrorism, Virtual Criminals, Goverment Hackers. AI is stepping in. Whereas manual cyber security used to be the norm, businesses now trust dynamic, adaptable, automated systems to protect against security threats [2]. 33% of executives reported trusting automated systems more than humans. 24% said they trust humans more. 19% said both have vulnerabilities, so they trust neither. 24% said they trust people and machines equally. AI holds tremendous promise to solve security challenges, though current product capabilities in these areas vary greatly. Businesses should look for [1]: Vendor use cases, Solving problems releveant to your business, Referencesable customers in your industry. 57% said they trust AI systems as much or more than human security professionals to protect their organizations [2]. Inhibity growing threats. 60% of executives think these types of attacks would be most detrimental to their organizations [2]: Malware, Bots, Ransomware. The global median time from security compromise to discovery has dropped from 146 days in 2015 to 99 days in 2016 [4]. Trend: Enterprise security operations are operationalizing cyber threat intelligence (CTI). Organizations are increasingly using threat intelligence to build and update their own organization's baseline threat profile and CTI is leveraged to characterize and contextualize thereat activity relevant to their business concerns [4]. Blending people and machines for maximum protection. Within the next two years, 25% of executives expect to rely on an even mix of people and machines to maintain cyber and network security. Security operations teams can now better identify, prioritize, and address threats with AI-led automation, and threat hunting, but they cannot overlook core fundamentals and best practicies [4]. Data Sources: [1] 'The Top Security Technology Trends to Watch, 2017', Forrester Research Inc., April 26, 2017, page 6. [2] 'Cyber-Security Perceptions and Realities', Randware, 2017. [3] 'The cyber crime wave: The most profitable crim model', Chris Swecker, 2017. [4] 'M-Trends 2017 A View from the Front Lines', FireEye Cybersecurity, 2017. Copyright 2017 Wells Fargo Bank, N.A. All rights reserved.
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Securities Products:

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Not a Deposit of or Guaranteed by a Bank or Any Bank Affiliate

© 2019 Wells Fargo Bank, N.A. All rights reserved. Deposit products offered by Wells Fargo Bank, N.A. Member FDIC. Deposits held in non-U.S. branches are not FDIC insured.

Wells Fargo Securities is the trade name for the capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including but not limited to Wells Fargo Securities, LLC, a member of NYSE, FINRA, NFA and SIPC, Wells Fargo Prime Services, LLC, a member of FINRA, NFA and SIPC, and Wells Fargo Bank, N.A. Wells Fargo Securities, LLC and Wells Fargo Prime Services, LLC are distinct entities from affiliated banks and thrifts.

© 2019 Wells Fargo Asset Management (WFAM) is a trade name used by the asset management businesses of Wells Fargo & Company. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Managed Account Services and Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. The funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA, an affiliate of Wells Fargo & Company. Neither Wells Fargo Funds Distributor nor Wells Fargo Funds Management holds fund shareholder accounts or assets. This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

© 2019 Wells Fargo Capital Finance. All rights reserved. Products and services require credit approval. Wells Fargo Capital Finance is the trade name for certain asset-based lending services, senior secured lending services, accounts receivable and purchase order finance services, and channel finance services of Wells Fargo & Company and its subsidiaries.

Wells Fargo & Company conducts business outside the U.S. through various companies, including duly authorized and regulated subsidiaries and affiliates in Asia, Canada, and Latin America. In Europe, banking services are provided through Wells Fargo Bank International (WFBI), directly regulated by the Central Bank of Ireland, and Wells Fargo Bank, N.A. London Branch, authorized by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA. All products and services may not be available in all countries. Each situation needs to be evaluated individually and is subject to local regulatory requirements.

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The opinions expressed in this document are general in nature and not intended to provide specific advice or recommendations for any individual or association. Contact your banker, attorney, accountant or tax advisor with regard to your individual situation. The opinions of the author do not necessarily reflect those of Wells Fargo Capital Finance or any other Wells Fargo entity.

The information in this report is for educational purposes only and should not be used or construed as financial advice or a recommendation to participate any strategy mentioned herein. Wells Fargo does not guarantee that the information supplied is complete, undertake to advise you of any change in its opinion, or make any guarantees of future results obtained from its use. The concepts discussed in the paper require the assistance of qualified legal counsel and tax advisors, and investors should consult their own attorneys and tax advisors with respect to their own situations.

  1. Silicon Valley Top 150 2017 Silicon Valley Top 150 Public Technology Companies Rankings by Annual Revenue

Disclosures

Securities Products:

Not Insured by FDIC or any Federal Government Agency

May Lose Value

Not a Deposit of or Guaranteed by a Bank or Any Bank Affiliate

© 2019 Wells Fargo Bank, N.A. All rights reserved. Deposit products offered by Wells Fargo Bank, N.A. Member FDIC. Deposits held in non-U.S. branches are not FDIC insured.

Wells Fargo Securities is the trade name for the capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including but not limited to Wells Fargo Securities, LLC, a member of NYSE, FINRA, NFA and SIPC, Wells Fargo Prime Services, LLC, a member of FINRA, NFA and SIPC, and Wells Fargo Bank, N.A. Wells Fargo Securities, LLC and Wells Fargo Prime Services, LLC are distinct entities from affiliated banks and thrifts.

© 2019 Wells Fargo Asset Management (WFAM) is a trade name used by the asset management businesses of Wells Fargo & Company. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Managed Account Services and Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. The funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA, an affiliate of Wells Fargo & Company. Neither Wells Fargo Funds Distributor nor Wells Fargo Funds Management holds fund shareholder accounts or assets. This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

© 2019 Wells Fargo Capital Finance. All rights reserved. Products and services require credit approval. Wells Fargo Capital Finance is the trade name for certain asset-based lending services, senior secured lending services, accounts receivable and purchase order finance services, and channel finance services of Wells Fargo & Company and its subsidiaries.

Wells Fargo & Company conducts business outside the U.S. through various companies, including duly authorized and regulated subsidiaries and affiliates in Asia, Canada, and Latin America. In Europe, banking services are provided through Wells Fargo Bank International (WFBI), directly regulated by the Central Bank of Ireland, and Wells Fargo Bank, N.A. London Branch, authorized by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA. All products and services may not be available in all countries. Each situation needs to be evaluated individually and is subject to local regulatory requirements.

We provide links to external websites for convenience. Wells Fargo does not endorse and is not responsible for their content, links, privacy or securities policies.

Important notice regarding use of cookies: By continuing to use this site, you agree to our use of cookies as described in our Digital Privacy and Cookies Policy.

The opinions expressed in this document are general in nature and not intended to provide specific advice or recommendations for any individual or association. Contact your banker, attorney, accountant or tax advisor with regard to your individual situation. The opinions of the author do not necessarily reflect those of Wells Fargo Capital Finance or any other Wells Fargo entity.

The information in this report is for educational purposes only and should not be used or construed as financial advice or a recommendation to participate any strategy mentioned herein. Wells Fargo does not guarantee that the information supplied is complete, undertake to advise you of any change in its opinion, or make any guarantees of future results obtained from its use. The concepts discussed in the paper require the assistance of qualified legal counsel and tax advisors, and investors should consult their own attorneys and tax advisors with respect to their own situations.

  1. 2017 Silicon Valley Top 150 Public Technology Companies Rankings by Annual Revenue.