With more “false positive” cyber attacks attributed to inaccuracies of cybersecurity software, Lloyds has patented its own AI advanced algorithm to spot genuine threats.
The Global Correlation Engine (GCE), developed by Lloyds Banking Group, addresses high quality cybersecurity across many businesses to protect customers. Sometimes vendor solutions can disappoint in being able to detect accurate fraud in real-time.
The GCE is refined cybersecurity software, designed to identify and alert businesses to potential attacks with precision. This means that alerts are not misidentified as being malicious – known as ‘false positives’. Lloyds is working to boost the AI capabilities in the GCE further, leveraging multiple layers of algorithms.
Since Lloyds Banking implemented the GCE, investigations of false positives have significantly reduced, whilst minimising the risk of missing genuine attacks.
The solution has been awarded a patent in the UK and US, issued by the Intellectual Property Office for a new methodology, which uses intelligent algorithms to analyse cybersecurity alerts and determine which alerts could be genuine threats. Across the Group, more emphasis can be placed on resources to investigate and tackle genuine cyber threats.
The GCE works by storing and analysing alerts from across different cybersecurity technologies to identify common attributes, trends and potential connections between different alerts.
By cross-referencing this information against the components and common signs of a cyber-attack, the GCE accurately assesses and identifies cyber threats with a dynamic approach, identifying both immediate and longer-term threats with a high degree of accuracy.
The technology and new patented applications have the potential beyond traditional cyber-attacks to combat e-crime, supply chain fraud, cyber-enabled fraud and more.
Matt Rowe, Chief Security Officer at Lloyds Banking Group, said: “Our Global Correlation Engine is an exciting innovation that will allow us to identify genuine threats more quickly and efficiently, ensuring customers are protected. We’re working to develop the Engine further, using artificial intelligence to supercharge its capabilities. This innovation, developed by our world-class cyber experts, demonstrates our commitment to advancing cybersecurity and protecting our customers with cutting-edge technology.”
