Business. Scoop » AI Is Changing Financial Services Security Faster Than Many Organisations Can Keep Up
Press Release – GigamonThe company’s latest Financial Services Industry Insights paints a picture of an industry embracing automation while struggling to maintain visibility across increasingly complex hybrid. . .
Press Release – GigamonThe company’s latest Financial Services Industry Insights paints a picture of an industry embracing automation while struggling to maintain visibility across increasingly complex hybrid cloud environments. Artificial intelligence is rapidly transforming the financial services industry, but according to new research from Gigamon, many organisations are finding that AI is creating as many cybersecurity challenges as it is solving. The company’s latestFinancial Services Industry Insights: The Visibility Imperative in the Age of AIreport paints a picture of an industry embracing automation while struggling to maintain visibility across increasingly complex hybrid cloud environments. https://www. gigamon. com/campaigns/hybrid-cloud-security-survey. htmlFinancial institutions are proving to be among the earliest adopters of AI-driven security. The research found that 91 per cent have deployed AI-powered security tools, while two-thirds now allow AI to initiate certain security functions without human intervention—well ahead of the cross-industry average. The move reflects the enormous pressure banks, insurers and other financial organisations face to respond to threats at machine speed. However, attackers are moving just as quickly. More than three-quarters (77 per cent) of surveyed organisations experienced a cybersecurity breach involving AI, while over half reported an increase in AI-powered phishing, smishing and other social engineering attacks. Nearly half also saw attacks specifically targeting AI and large language model deployments. Perhaps most concerning is the business impact when attacks succeed. Almost every financial institution that suffered a breach—98 per cent—reported material consequences ranging from direct financial losses and data theft through to higher cyber insurance premiums and regulatory penalties. The findings suggest that AI alone is not providing the security advantage many organisations hoped for. Instead, security leaders are discovering that visibility remains one of the biggest barriers to effective cyber defence. Despite 94 per cent investing in new cybersecurity technologies, 42 per cent say it is actually taking longer to detect breaches. More than half blame fragmented security tools for making it difficult to understand what is happening across distributed hybrid cloud environments. The research indicates that organisations increasingly recognise visibility into data in motion—not simply deploying additional security products—as the missing ingredient. Almost every respondent (95 per cent) said comprehensive visibility across moving data is essential to effective security. The study also highlights a growing awareness of future threats. Quantum computing remains years away from mainstream deployment, but organisations are already preparing for so-called “harvest now, decrypt later” attacks, where encrypted information is stolen today in anticipation of being decrypted once quantum capabilities mature. Eighty-eight per cent of respondents identified this as a significant concern. Encrypted traffic itself is becoming another blind spot. More than one-third of respondents identified encrypted traffic as their greatest breach vulnerability, while 93 per cent believe visibility into encrypted traffic will be critical as post-quantum cryptography becomes reality. As financial institutions continue expanding AI, hybrid cloud and cloud-native architectures, the challenge is becoming less about deploying more security technology and more about understanding how applications, users and data interact in real time. The report suggests that organisations capable of achieving that visibility will be better positioned not only to defend against increasingly sophisticated AI-enabled attacks, but also to demonstrate compliance and maintain customer trust in an increasingly regulated environment. Content Sourced fromscoop. co. nzOriginal url