Pub. 7 2018 Issue 2

l e a d i n g a d v o c a t e f o r t h e b a n k i n g i n d u s t r y i n k a n s a s 16 ALERT! YOU HAVE ANOTHER ALERT! By Robert Mendez, Executive Vice President, BankOnITUSA F IFTY THOUSAND SECURITY ALERTS. THAT’S HOWMANY ALERTS 75% of banks in the United States receive on a daily basis, according to an article published by the American Banker magazine. More and more banks are trying to convince regulators, and themselves, that they have the capabilities to monitor, manage and respond to the endless cycle of alerts while successfully running their bank and taking care of their clients. Some would call that insanity. To combat this incredible uptake in alerts, the biggest banks in the nation have turned to artificial intelligence (AI) to help strengthen their cyber defense and to correlate the massive amounts of data they receive every day, according to an article in The Wall Street Journal. These banks’ human analysts used to have to gather data manually; now, they can focus on only the most critical tasks because their AI system correlates data automatically. Banks with almost $200 billion in assets have the capabilities, infrastructure and talent to dedicate to developing AI capabilities. Most banks in the USA don’t have the same capabilities or scalability to keep up with technology. This puts your bank at risk because you are receiving the same type of threats and alerts, but have similar risks. And, the number of security alerts is growing rapidly as the number and types of cyber threats rapidly expand. That’s why BankOnIT developed its own AI capabilities over the past couple years. BankOnIT’s Virtual Engineers utilize AI decision support systems to collect and analyze the massive amounts of data relating to systems’ performance and security that flow through the firm’s own data centers. Designed to detect patterns and identify anomalies, the virtual engineers’ artificial intelligence systems are designed to take action when specific issues arise. Many items are identified nearly instantaneously and resolved without requiring action from the bank, meaning your employees don’t experience the problem in the first place. Founded by bankers, for bankers, BankOnIT has the infrastructure, scalability and expertise that enables banks of all sizes to compete with their larger competitors. BankOnIT’s Virtual Engineers provide faster, more efficient and better results from the millions of data points that BankOnIT analyzes every day. Included as part of BankOnIT’s Bankers Private Cloud® service along with hundreds of other features, the Virtual Engineers are only one example of the ways BankOnIT provides bankers better results. For more information on how your bank can effectively compete and stay up-to-speed with today’s increasing cybersecurity alerts and technology demands, while also keeping your customers’ data safe, contact us at 800-498-8877, option 2, or solutions@ bankonitusa.com . About the Author: Robert Mendez is executive vice president of BankOnIT. Mendez has nearly 25 years of banking experience and joined BankOnIT in 2006. He holds a BBA in finance, an MBA and is a graduate of the Graduate School of Banking at Louisiana State University in Baton Rouge. Mendez previously co-founded a bank regulatory software company. As a former banker, Mendez has a unique perspective on a bank’s need to meet security, efficiency, reliability and regulatory requirements, while maximizing earnings.