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Can Cybersecurity and AI be linked to protecting online systems?

Every year, cybercriminals cause losses of billions of dollars to the world economy, which needs to be stopped.

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Due to the fast pace of technological advancement these days, newer innovations and inventions are coming up with every passing day. The industry evolving at the quickest pace is IT. Every day, we hear about new advancements over the web, with newer applications and software changing lives of humans. 

These innovations are mostly designated to be used for the betterment of humanity. However, cybercriminals and fraudsters have started using the internet to indulge in criminal and fraudulent activities, causing losses of billions of dollars per annum. To prevent the attacks of criminals, cybersecurity systems have been introduced in the IT sector.

What is Cybersecurity and how is it important?

Cybersecurity is the process of protecting computers, servers, mobile devices, electronic systems, networks, and data from spiteful attacks. It is also sometimes referred to as information technology security. The term applies in a wide range of contexts, from business to mobile computing, and its elements can be listed into a few common categories:

  • Application security
  • Information security
  • Network security
  • Disaster recovery/business continuity planning
  • Operational security
  • End-user education

The process of staying updated with new technologies, security trends and risk intelligence is a tough job. However, it is crucial to protect information and other assets from cyber threats, which take many types and forms. Cyber threats can include:

  1. Malware: A form of malicious software that can include any file or program programmed to harm a computer user, such as worms, computer viruses, Trojan horses, and spyware.
  2. Ransomware attacks: A type of malware that includes an attacker locking the victim's computer system and its files -- mostly through encryption -- and asking for a ransom to decrypt and unlock them.
  3. Social engineering: An attack relying on human interaction to deceive users into breaking security procedures to obtain sensitive information that is mostly secured.
  4. Phishing: A type of fraud where fake emails are sent to the users that resemble emails from reputable sources; the purpose of these emails, however, is to steal sensitive information, such as credit card or login information.


Fighting Against Cybercriminals

In order to fight against criminals, global law enforcement agencies and regulatory authorities have collaboratively worked to introduce financial regulations to prevent fraudsters and cybercriminals from conducting financial crimes online. 

For the same purpose, they have introduced KYC and AML regulations which require businesses to conduct the identity verification of their customers before making any transactions with them. 

Digital identity verification systems work by identifying the customers through face verification, document validation, address validation, 2-factor authentication, and consent verification. 

This is an effective solution to fight crimes, however it is challenging for online businesses to verify their customers physically. Therefore, various identity verification companies have devised new digital identity verification systems to authenticate online customers from anywhere across the globe. 

The user is asked to place his/her documents in front of a camera incorporated with AI technology and the software analyses the documents with accuracy and verifies the user. The process takes a few seconds to complete and is more reliable than traditional verification.

Conclusion 

In this digital era, it is very important to secure your systems from data leakage and hacking. If a cybercriminal can access your computer or system, your money, data, files, accounts and even identity is at risk. Therefore KYC by shuftipro provide an economical and effective solution to protect yourself from fraudsters and scammers. 

Due to the importance of these modern systems, many banks and financial institutions have started incorporating them into their work processes for proper customer verification. Many businesses are encouraged to introduce cybersecurity mechanisms in their systems so that they can not only obstruct criminals from attacking, but also comply with the global regulations.

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