Technology Record - Issue 30: Autumn 2023

132 FEATURE “Data can be safeguarded throughout its lifecycle, and this protection can extend to wherever the data resides,” explains Lee. “If a document containing customers’ social security numbers is accidentally sent to the wrong person, it remains unreadable. Sensitive customer data, including social security numbers, passport data, account numbers, income and asset data, can be labelled to provide greater privacy protection for customers. With Purview, banks possess the tools to enforce their data classification policies and ensure that sensitive customer data is categorised and protected.” There has been a marked rise in cybercrime. The UK Office for National Statistics revealed a 43 per cent increase in fraud and computer misuse crimes between 2019 and 2021. Additionally, the Global Economic Crime Survey reported that 46 per cent of businesses worldwide encountered fraud, corruption, or other economic crime in 2022. In response, many financial institutions turned to the power of artificial intelligence to detect and prevent criminal activities. In terms of security alone, Microsoft is investing over $20 billion to enhance overall security and counter cyber threats. Microsoft is bringing AI into our own security tooling with Microsoft Security Copilot. With this tool, security personnel can sift through incident reports and research to get intelligence on threats faster. They can also reverse engineer malware exploits and code faster to understand how the code replicates and targets data. “AI can identify suspicious patterns or anomalies in vast volumes of transaction data,” says Daragh Morrissey, director of AI for worldwide financial services at Microsoft. “Key scenarios include anti-money laundering, where AI can be deployed to detect suspicious behavioural patterns and reduce false positive incidents; identity protection featuring multifactor authentication and behavioural biometrics; and sanctions screening by cross-referencing data with global sanctions lists.” Banks also can utilise AI capabilities to manage risk. “Natural language processing assists in delivering regulatory documents, legal texts and compliance reports,” says Morrissey. “At Microsoft, we’re democratising AI, making these tools approachable and available to “ The potential of Microsoft Cloud for Financial Services is boundless” ANU CHAWLA, MICROSOFT