India is experiencing a digital boom in recent years. We are one of the fastest growing markets for digital payments with the largest number of Internet users worldwide. The digital ecosystem in the country has also been transformed by indigenous innovations in digital services, leading to an acceleration of digitization across the country. But with the growing digital presence comes the increased risk of cyber threats. Cybercrime is one of the biggest challenges facing the world today. In India alone, cyber attacks have increased manifold in the last few years. According to India Ransomware Report released by 2022 CERT-InThe country saw a 53 percent increase in ransomware incidents in 2022 (year-on-year).
artificial intelligence (ohrevolutionizing Cyber security Scenario and taking threat detection and fraud prevention up a notch, especially when it comes to payments. AI-powered security methodology can establish an automated and efficient way to stop attacks before they happen. The traditional approach to cyber security failed to measure individual behavior, as it involved rule-based identification systems that grouped consumers together based on predefined data such as location, purchase amount, etc. With the rapid rise in cybercrime and more sophisticated attacks, legacy systems have become. Less effective at detecting and preventing threats.
The power of AI lies in its ability to allow for self-learning, flexibility and personalization of fraud detection, ensuring greater accuracy. AI-powered systems can mine historical and real-time data from a wide range of touchpoints, analyzing and monitoring thousands of transactions per second. This results in significantly improved pattern assessment and threat detection without compromising on speed and customer experience. AI can provide more accurate modeling to predict future attacks and allow automated or semi-automated responses to attacks.
AI also reduces false positives that occur when a security system falsely identifies legitimate activity as a threat. In payments, both consumers and merchants benefit from ensuring fewer false positives. A lower false decline rate in transactions directly translates into more merchant revenue and a better experience and reduced consumer frustration.
Especially in the last few years, AI driven technologies are emerging as a strong shield against the increasing number and complexity of cybercrime. Today, AI is making digital transactions and exchange of information much safer and secure across industries, protecting consumers, merchants, and businesses.
Cyber security is no longer a luxury but a necessity, and organizations must adopt and develop AI to protect systems. According to a report by Acumen Research & Consulting, the global market for AI-based cyber security products is estimated to reach $133.8 billion by 2030. As digital transformation progresses, AI will continue to play a key role in defining the future of cyber security.
By: Joy Sekhri, Vice President Cyber & Intelligence Solutions, South Asia, Mastercard
artificial intelligence (ohrevolutionizing Cyber security Scenario and taking threat detection and fraud prevention up a notch, especially when it comes to payments. AI-powered security methodology can establish an automated and efficient way to stop attacks before they happen. The traditional approach to cyber security failed to measure individual behavior, as it involved rule-based identification systems that grouped consumers together based on predefined data such as location, purchase amount, etc. With the rapid rise in cybercrime and more sophisticated attacks, legacy systems have become. Less effective at detecting and preventing threats.
The power of AI lies in its ability to allow for self-learning, flexibility and personalization of fraud detection, ensuring greater accuracy. AI-powered systems can mine historical and real-time data from a wide range of touchpoints, analyzing and monitoring thousands of transactions per second. This results in significantly improved pattern assessment and threat detection without compromising on speed and customer experience. AI can provide more accurate modeling to predict future attacks and allow automated or semi-automated responses to attacks.
AI also reduces false positives that occur when a security system falsely identifies legitimate activity as a threat. In payments, both consumers and merchants benefit from ensuring fewer false positives. A lower false decline rate in transactions directly translates into more merchant revenue and a better experience and reduced consumer frustration.
Especially in the last few years, AI driven technologies are emerging as a strong shield against the increasing number and complexity of cybercrime. Today, AI is making digital transactions and exchange of information much safer and secure across industries, protecting consumers, merchants, and businesses.
Cyber security is no longer a luxury but a necessity, and organizations must adopt and develop AI to protect systems. According to a report by Acumen Research & Consulting, the global market for AI-based cyber security products is estimated to reach $133.8 billion by 2030. As digital transformation progresses, AI will continue to play a key role in defining the future of cyber security.
By: Joy Sekhri, Vice President Cyber & Intelligence Solutions, South Asia, Mastercard