2.3.

AI Risk Management framework

Artificial intelligence, with its ability to analyze massive amounts of data and
make predictions, is a game changer for risk management. Traditionally, risk
management relied on historical data and human judgment to predict future risks.
However, this approach has limitations, especially in a rapidly changing business
environment. On the other hand, AI can analyze complex, dynamic data sets in real
time, allowing for more accurate and timely risk predictions.
One of the major areas where AI is making a significant impact is financial risk
management. AI algorithms can analyze market trends, economic indicators, and
company-specific data to predict financial risks such as credit risk, market risk, and
operational risk. This not only improves the accuracy of risk predictions but also
enables organizations to take proactive measures to mitigate these risks.
AI can help identify potential operational risks such as supply chain disruptions,
system failures and security breaches by analyzing patterns in operational data.
Furthermore, AI can help manage crises by predicting the potential impact of a crisis
and recommending optimal response strategies.
Bkav has just launched eQLHD Invoice Management software, capable of detecting
errors and warning accountants about risks on invoices, thanks to the application of
artificial intelligence technology.
In reality, businesses today often find it difficult to avoid risks such as
receiving fake invoices, invoices with incorrect information, invoices without
payment value... leading to inaccurate business accounting. As a result, businesses are
at risk of fines, economic losses, and even legal troubles. From practical problems of
businesses in the process of processing invoices, Bkav has built an eQLHD software
system applying artificial intelligence technology. The software automatically
synchronizes and updates data from the General Department of Taxation, helping
businesses quickly detect errors and promptly alert accountants when there are invoice
risks. Using eQLHD invoice management software, businesses can look up many tax
codes and taxpayers at the same time, and can add many new users. The software also
supports decentralized configuration according to user needs.
2.4. AI in Cybersecurity and Data Privacy
There are many ways that businesses can use AI to improve their cybersecurity.
One way is to use AI-powered security systems. These systems can detect and
respond to threats much faster than humans can. They are also less likely to make
errors, which can often lead to costly data breaches. Another way businesses can use
AI is to use it to automate tasks. This can free up time for security professionals so
they can focus on more important tasks. It can also help minimize the possibility of
human error, which is one of the leading causes of data breaches.
AI can also be used to analyze large amounts of data much faster than humans. This
includes data from social media, email, and other sources. By analyzing this data,
businesses can identify trends and patterns that could be a sign of a security threat.
AI is a huge asset for businesses that use automation to increase productivity and
streamline tasks. One important application that leverages AI more than any other
application today is data security, or cybersecurity. With the economy undergoing
digital transformation and data breaches on the rise, AI may be our best chance at
protecting our information.
As technology has developed, more information has moved into the digital
world. As a result, cyber attacks are increasingly common and sophisticated. For
example, business organizations are desirable targets for cybercriminals because of
the large amount of data hackers can steal in an attack.
When used together with traditional methods, AI is a powerful tool to protect against
cyberattacks. In the digital age, protecting assets and operations from hackers is more
challenging than ever.
In the field of cybersecurity, AI has three main functions: Detection, Prediction and
Response
Detection
Today, organizations widely use AI to detect cyber threats. More than 50% of
organizations deploy AI-based cybersecurity solutions with high adoption rates for
detection purposes. Detection reflects the unique capabilities of AI, through machine
learning or deep learning, which uses behavioral analysis to identify persistently
unusual traffic.
Prediction
By scanning through vast types of data, AI makes predictions based on the system's
training. Organizations using AI for predictive purposes can use the technology to
automatically identify their network assets and topology, identify critical
vulnerabilities, and continuously improve their defenses against any potentially
destructive cyberattack.
Response
Responding to threats means automating the creation of virtual patches for discovered
threats or developing new protection mechanisms in real time.
A simple AI response solution that detects attacks and stops them while they are
happening. US specialty retailer Avenue has deployed a machine learning-based
solution to distinguish between normal and anomalous behavior to combat bot attacks,
preventing anomalous behavior triggered by bots like stolen login information or
unauthorized purchases on customer accounts.
Regardless of how an organization uses its AI resources for cybersecurity, it helps
them improve threat response time, reduce costs, and respond to breaches.