The Options Clearing Corporation taps AI to stay ahead of hackers

OCC uses machine learning and AI to understand and model how attackers could enter and move around the network.

virtual eye / digital surveillance, privacy / artificial intelligence / machine learning
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The world of finance is under constant attack. The financial information it hosts – along with the money it holds and moves – makes the industry an incredibly attractive target for hackers. According to a report from IBM X-Force, it is one of the top five commonly targeted industries.

Yet breaches in the financial sector are relatively rare. Due to the heavily regulated nature of the industry and often heavily publicized aftermath, they are often very costly when they do occur. The Equifax breach, for example, is estimated to have cost the company $439 million.

In an effort to harden their security posture, many organizations within the financial services sector are turning to artificial intelligence (AI) and machine learning. The Options Clearing Corporation (OCC), for example, is using AI to be more proactive in spotting criminal activity on its systems.

Financial organizations promote security within the company

OCC is a financial utility that facilitates the exchange of options, futures and securities lending transactions. The Chicago-based clearinghouse is involved in over 4 billion contracts a year totalling more than $120 billion.

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