Scotiabank is exploring the use of AI and generative AI to bolster its cybersecurity infrastructure and aims to work with vendors to develop the technology.

Google Cloud is in the running to partner on the tech, Louise Dandonneau, vice president of cybersecurity operations, told Bank Automation News. 

“We have announced our partnership with Google Cloud, and we’re certainly evaluating what we can do in that partnership to leverage their AI cyber capabilities,”  

The $1.4 trillion Scotiabank takes a mixed approach to building core functioning tech capabilities depending on the complexity of the technology and the time to market, Dandonneau said. 

“There are some things that we can do, at least in an early phase [of development], and then partner with someone later on,” she said. Developing solutions with cloud providers can “make it better from an automation perspective” due to high computing power. 

Reducing cybercrime

The Toronto-based bank has been using automation and machine learning for years to reduce the threat of cybercrime and fraud, Dandonneau said, adding that the bank deploys the technology for: 

• Correlating consumer data, including to recognize bank clients’ devices; 

• Finding anomalies in transactions; and 

• Verifying identity. 

Other major financial institutions, including $1.9 trillion HSBC, Commerzbank, $1.7 trillion TD Bank and $1.3 trillion Deutsche Bank use Google Cloud for cybersecurity, according to Google Cloud.  

Cyber threats on the rise

Cyber threats are rising in part due to the sheer volume of attacks by cybercriminals thanks to automation, and in part due to sophisticated, AI-enabled attacks, Dandonneau said. Scotiabank is also exploring new technology to fight sophisticated attacks, she said. 

A recently published survey by Scotia of 1,505 randomly selected Canadian adults about their cybersecurity experiences and concerns found: 

• 36% have suffered a data breach; 

• 19% recall falling prey to cybercrime; 

• 34% have received a phishing email; and 

• 39% have received a phishing phone call. 

While investing in tech, Dandonneau said Scotiabank is also educating its customers on how to spot and avoid cyberattacks and fraud attempts during the month of October, which is Cyber Awareness Month in the United States.  

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