CBA’s AI Cyber Team Combats Exponential Rise in Cybercrime, Australia

Date:

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.

See also  Axel Springer's ChatGPT Partners with OpenAI to Offer Free and Summarized News, Germany

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.

Frequently Asked Questions (FAQs) Related to the Above News

How is Commonwealth Bank of Australia (CBA) combating cybercrime?

CBA is leveraging artificial intelligence (AI) within its cyber team to monitor online activities for potential threats or suspicious attempts to access, exploit, or disrupt the network.

What activities do CBA's cyber security teams monitor?

CBA's cyber security teams monitor activities such as emails being sent, files being shared, or personal details being uploaded into online forms.

How has the increase in online activities impacted CBA's cyber security efforts?

Over the past three years, CBA has seen a significant rise in online activities that their team monitors for threats. They used to hunt for threats across 80 million online activities each week, whereas last week, they scanned 240 billion activities.

Why has there been an exponential rise in online activities?

The exponential rise in online activities can be attributed to the accelerated shift towards online platforms, which has also led to an increase in scams, fraud, and malicious activity from cyber criminals.

How does CBA effectively monitor such a vast amount of online activity?

To effectively monitor the vast amount of online activity, CBA utilizes the latest developments in AI and machine learning. The AI system automatically analyzes signals or online activities and determines if further investigation is necessary, allowing the bank to proactively defend against malicious activity.

Who has CBA partnered with to accelerate their AI initiatives?

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.

What advantage does generative AI provide to CBA in combating cyber threats?

By adopting generative AI, CBA can take actions based on the results of automated analysis, providing an advantage in identifying and preventing cyber threats.

What event will discuss the rise of AI in cyber security?

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.

What is the purpose of the SXSW Sydney event?

The SXSW Sydney event aims to bring together the Asia-Pacific's creative industries and explore various topics, including Tech and Innovation, Games, Music, Screen, and Culture.

How does CBA's AI-driven cyber team benefit the bank's people and customers?

CBA's AI-driven cyber team helps protect both the bank's people and customers by proactively detecting and preventing cyber threats through the monitoring and analysis of vast amounts of online activity.

What insights will the discussion of AI in cyber security at SXSW Sydney provide?

The discussion at SXSW Sydney will provide valuable insights into the opportunities and challenges associated with integrating AI into existing cyber security practices.

Please note that the FAQs provided on this page are based on the news article published. While we strive to provide accurate and up-to-date information, it is always recommended to consult relevant authorities or professionals before making any decisions or taking action based on the FAQs or the news article.

Share post:

Subscribe

Popular

More like this
Related

Tesla Shareholders Approve $56B Musk Pay Package, Texas Move

Tesla shareholders approve Elon Musk's $56B pay package and Texas move. Will this boost confidence in Musk's leadership at Tesla?

Asian Shares Rise as Investors Eye Bank of Japan Monetary Policy Decision

Asian shares rise as investors await Bank of Japan's monetary policy decision. Market optimism grows amid potential interest rate cuts.

Dispute Over Gene-Edited Crop Patents Engulfs Europe

The heated debate over gene-edited crop patents in Europe is sparking controversy over intellectual property rights in agriculture.

Elon Musk’s Warning on Apple’s Data Sharing Sparks Controversy

Elon Musk sparks controversy with Apple's data sharing warning, while Tamil producer Bava thanks Musk for meme featuring his film poster.