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Protecting data in 2020 and beyond: The role of blockchain technology and artificial intelligence in neutralising the growing threat of cybercrime

Author

Listed:
  • Kornitzer, Daniel

    (Chief Business Development Officer, Paysafe, UK)

Abstract

As the volume and value of data continue to increase exponentially, and at previously unseen speed, cybersecurity professionals are having to rethink how they store and manage digital information. Nowhere is this more relevant than in the financial services sector, a prime target for professional cybercrime operations from organised crime through to rogue nation states. This paper, takes a closer look at two tools that chief information officers are considering turning to for combating this threat in the age of rapid data expansion — artificial intelligence (AI) and blockchain. This paper examines the characteristics of distributed ledger technology, which provides greater security than traditional data storage methods and the protocols that must be implemented to ensure that blockchain-powered data, including cryptocurrencies, remains secure. The paper also provides specific examples of regulatory bodies introducing distributed ledger technology into guidelines and the role this might play in cybercrime prevention. The paper then examines why 69 per cent of financial organisations now say that they will not be able to respond to critical cybersecurity threats without AI and why 73 per cent are testing use cases for AI in cybersecurity, including some examples of testing in action and their results.

Suggested Citation

  • Kornitzer, Daniel, 2020. "Protecting data in 2020 and beyond: The role of blockchain technology and artificial intelligence in neutralising the growing threat of cybercrime," Journal of Financial Compliance, Henry Stewart Publications, vol. 3(3), pages 217-224, March.
    • Handle: RePEc:aza:jfc000:y:2020:v:3:i:3:p:217-224
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    More about this item

    Keywords

    cybercrime; cybersecurity; blockchain; artificial intelligence (AI); data; distributed ledger technology;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • K2 - Law and Economics - - Regulation and Business Law

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