Artificial intelligence and US financial institutions: Review of AI-assisted regulatory compliance for cybersecurity
Oladipupo Dopamu, Joseph Seun. Adesiyan, Femi Oke
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.