Info-Tech Research Group’s Blueprint Offers Essential Guidance for Banks Integrating AI and Safeguarding PII

Info-Tech Research Group Releases Blueprint to Safeguard PII in AI-Driven Banks

TORONTO, March 20, 2024 /PRNewswire/ – As artificial intelligence (AI) continues to revolutionize the banking industry, Info-Tech Research Group has unveiled a groundbreaking blueprint to help banks protect personally identifiable information (PII) while leveraging the power of AI technologies. The research, titled “Protecting PII When Using AI in Banks,” offers strategic guidance tailored to the unique challenges faced by financial institutions in today’s data-driven landscape.

The integration of AI in banking operations has brought about significant advancements, from enhancing customer experience to improving risk management and operational efficiency. However, the increased reliance on AI algorithms to process sensitive customer data has raised concerns about data privacy and compliance. Info-Tech’s latest research blueprint aims to empower IT leaders within the banking sector with actionable strategies and best practices to navigate these challenges effectively.

David Tomljenovic, principal research director at Info-Tech Research Group, emphasizes the internal nature of the risks associated with AI and machine learning (ML) technologies within banks. Unlike external threats, internal risks pose a unique challenge that many institutions are ill-prepared to address. The blueprint highlights the critical need for banks to develop new processes and applications to safeguard PII and ensure ongoing compliance in the face of evolving AI risks.

Key recommendations outlined in the blueprint include implementing a zero-trust approach to protect PII, enhancing employee awareness and training on AI technologies, and encrypting or tokenizing sensitive data to enhance its protection. By adopting these measures, banks can strengthen their data security protocols and foster a culture of vigilance among employees.

As the adoption of AI and ML technologies continues to grow in the banking sector, the need to safeguard PII at every step becomes increasingly crucial. Info-Tech’s research underscores the importance of proactive measures to protect data privacy and mitigate the risks associated with AI-driven operations.

For exclusive insights from David Tomljenovic and access to the complete “Protecting PII When Using AI in Banks” blueprint, media professionals can contact [email protected]. To learn more about Info-Tech Research Group and access their latest research, visit infotech.com.

SOURCE Info-Tech Research Group