Commonwealth Bank of Australia (CBA) is combating the exponential rise in cybercrime by leveraging artificial intelligence (AI) within its cyber team. The bank’s cyber security teams monitor online activities for potential threats or suspicious attempts to access, exploit, or disrupt the network. These activities include emails being sent, files being shared, or personal details being uploaded into online forms.
Andrew Pade, General Manager of Cyber Security at CBA, highlighted the significant increase in online activities that their team monitors for threats. Three years ago, they were hunting for threats across 80 million online activities each week, whereas last week, they scanned 240 billion activities. This rise is attributed to the accelerated shift towards online platforms, which has also led to an increase in scams, fraud, and malicious activity from cyber criminals.
To effectively monitor such a vast amount of online activity, CBA is leveraging the latest developments in AI and machine learning. By automatically analyzing signals or online activities, the AI system can determine if further investigation is necessary. This helps the bank proactively defend against malicious activity and quickly identify potential threats.
CBA has partnered with experts in AI, including H2O.ai, to accelerate the design, development, testing, deployment, and governance of AI models across the organization. By adopting generative AI, the bank can take actions based on the results of automated analysis, providing an advantage in identifying and preventing cyber threats. This proactive approach helps protect both CBA’s people and customers.
The rise of AI in cyber security will be discussed at the CBA AI and cyber security panel at South by Southwest (SXSW) in Sydney. The panel will explore the opportunities AI presents for organizations, as well as the challenges they face in leveraging AI for cyber security.
The SXSW Sydney event aims to bring together the Asia-Pacific’s creative industries in a week-long program filled with groundbreaking events and networking sessions across various pillars, including Tech and Innovation, Games, Music, Screen, and Culture.
In conclusion, CBA’s AI-driven cyber team is actively combating the exponential rise in cybercrime by leveraging AI and machine learning to monitor and analyze vast amounts of online activity. This proactive approach allows the bank to quickly detect and prevent cyber threats, ensuring the security of their people and customers. The discussion of AI in cyber security at SXSW Sydney will provide valuable insights into the opportunities and challenges associated with integrating AI into existing cyber security practices.
