Artificial intelligence and US financial institutions: Review of AI-assisted regulatory compliance for cybersecurity
1 Department of Computer Sciences, Western Illinois University, Macomb Illinois USA.
2 Department of Applied Statistics and Decision Analytics, Western Illinois University, Macomb Illinois USA.
Review Article
World Journal of Advanced Research and Reviews, 2024, 21(03), 964–979
Publication history:
Received on 28 January 2024; revised on 07 March 2024; accepted on 09 March 2024
Abstract:
As cyber threats and regulations become increasingly complex, financial institutions in the U.S. are in need of innovative cyber security solutions. This study examines the potential for artificial intelligence (AI) in addressing this problem. Artificial intelligence has significant potential for real-time threat detection, automated compliance processes, and proactive risk management. Nonetheless, ethical considerations, concerns about personal data privacy, and potential biases in AI algorithms require careful consideration. In light of this, the research proposes recommendations for developing innovative AI solutions. In addition, it addresses ethical and privacy concerns, as well as providing policy recommendations for the responsible and effective adoption of AI in the financial sector. This research highlights AI's potential to significantly enhance security and risk management for financial institutions. Additionally, it emphasizes responsible and ethical implementation.
Keywords:
Data privacy; AI-Assisted compliance; Cybersecurity; Risk management; Financial institutions; Ethical considerations; Innovative AI solutions.
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Copyright information:
Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0