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Be ready, be resilient – the opportunities and threats of AI
11/01/2023
Be ready, be resilient – the opportunities and threats of AI
AI isn’t new, it has been used to assist us for a long time. So, what has changed? We now deal with the idea of machine learning and being able to predict future outcomes. Businesses, in this case Financial Institutions (FIs) are using the output from these machines to make decisions. For episode four of All Eyes on FIs the team have dedicated this discussion to cyber awareness month. The team discuss the opportunities and threats that we face today as AI rapidly evolves. Benefits of AI for FIs include: - Customer behaviour analysis: Helping FIs to identify fraud and therefore helping to prevent future attacks. - Compliance and risk management: Monitoring and complying with complex regulations. - Internal audits: Improving workflow and efficiency. Risks of using AI for FIs include: However, there are still multiple risks when using AI which is causing nervousness from FIs, these include operational, reputational and legal risks depending on how it is used and how these flaws can be magnified if the AI is malfunctioning, is hacked or producing biased or unethical outcomes. Join Miguel Cano – WTW Senior Associate Broker in the Middle Market Financial Institutions FINEX Global team, Natalie Reid – WTW Graduate Analyst in the FINEX Financial Institutions Claims Advocacy team and Amit Tyagi – CMS Partner and Solicitor Advocate in the London Insurance & Reinsurance Group and member of the CMS cybersecurity team, for a chat now! Amit Tyagi – CMS Partner and Solicitor Advocate in the London Insurance & Reinsurance Group and member of the CMS cybersecurity team
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