4 Cybersecurity firms using AI to thwart financial crime in the UK
By Gloria Methri
According to a recent annual cybersecurity report by Fastly, UK financial services companies experienced an average of 50 cyber-attacks last year. The report also stated that UK financial services lost over 10% of their revenues because of cyber-attacks.
With the volume and sophistication of cybersecurity attacks set to increase, it is imperative to explore Gen AI’s role in financial services companies’ cyber-defence strategies. Sophisticated cybersecurity is more crucial than ever, and fortunately, several companies are ready to help financial institutions.
Let’s look at four RiskTech companies safeguarding banks and financial organisations against cybercrime in the UK:
Focusing on enhancing customer interactions, AI company Callsign has developed technology for passive authentication, fraud prevention, and intelligence gathering. Its proprietary technology uses AI to replicate human recognition processes. In October 2021, Visa chose Callsign as its preferred behavioural biometric and device intelligence identity partner across Europe.
Quantexa is a cybersecurity company that develops AI technology to protect organizations’ data and detect illegal activities. It collaborates with industries that handle large datasets, including banking, e-commerce, and public services, to build analytical models that identify data risks, uncover opportunities, and improve decision-making. The company is backed by investors such as AlbionVC, Dawn Capital, HSBC Enterprise Fund, and Accenture, among others.
SecurityHQ is a global Managed Security Service Provider (MSSP) that helps businesses improve their security posture and increase the value of their cybersecurity investments. It designs, engineers, and manages systems to help build trust and clarity, and it can also manage existing tech solutions and SIEM for clients. SecurityHQ operates out of six Security Operation Centers (SOCs) that are built to meet command and control centre standards and are located in certified Tier-3 Data Centers
Sophos is an expert in advanced cybersecurity solutions, including Managed Detection and Response (MDR) and incident response services. It has a broad portfolio of endpoint, network, email, and cloud security technologies that help organizations defeat cyberattacks. Sophos provides cybersecurity-as-a-service to organizations needing fully managed, turnkey security solutions. Customers can also manage their cybersecurity directly with Sophos’ security operations platform or use a hybrid approach by supplementing their in-house teams with Sophos’ services.
Also read: Cybersecurity in Financial Services Report Q1 2024
