Lloyds Banking Group Patents AI-Powered Global Correlation Engine for Enhanced Cybersecurity

Lloyds group unveils cybersecurity innovation | bobsguide

Lloyds Banking Group introduces the Global Correlation Engine (GCE) to combat cyber threats by reducing false positive alerts and accurately identifying genuine attacks. This innovation improves security operations and allows for faster responses to real threats, enhancing protection for customers and the financial institution. Lloyds Banking Group has taken a major leap forward in cybersecurity with its innovative Global Correlation Engine (GCE). This new technology tackles the widespread issue of false positive alerts, a common problem for businesses, especially larger ones. Cybersecurity software often lacks precision, misidentifying normal activity as malicious and triggering unnecessary alerts. The GCE uses intelligent algorithms and AI to analyze these alerts, effectively identifying real threats and minimizing the risk of overlooking genuine attacks. Since Lloyds Banking Group introduced the GCE, they have significantly reduced the time spent investigating false positives. This allows security teams to concentrate on actual cyber threats. The GCE examines alerts from different cybersecurity technologies, pinpointing common attributes, trends, and potential connections. It then compares this information against known cyber-attack patterns, accurately assessing and identifying real threats. This method provides a dynamic approach, effectively identifying both immediate and long-term threats. Although the GCE's initial purpose was to combat traditional cyber-attacks, its potential uses extend to e-crime, supply chain fraud, and cyber-enabled fraud. Matt Rowe, Chief Security Officer at Lloyds Banking Group, highlights the significance of the GCE: "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." Lloyds Banking Group's creation of the GCE and its patent approval signifies a crucial advancement in the fight against cybercrime. This innovation underscores the Group's commitment to protecting customers and emphasizes the growing role of advanced technologies in safeguarding financial institutions and their customers in a constantly evolving digital world.

Lloyds Banking Group patents AI-powered cybersecurity solution

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. The engine was designed to support businesses in protecting their customers against cybersecurity breaches. Cybersecurity alerts can often be triggered by misidentified activity, the GCE is intended to be more precise in spotting genuine attacks. Studies on the GCE indicate that the amount of false positives found are significantly reduced. The GCE is able to analyse alerts across various cybersecurity technologies to find common factors across alerts, and through cross-referencing is able to assess cyberthreats. The Intellectual Property Office has granted Lloyds its first patent for the GCE in both the UK and US. The bank is currently working on enhancing the GCE's abilities. Matt Rowe, chief security officer at Lloyds Banking Group, commented: "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." The move follows Lloyds announcement of its IT transformation strategy, that will impact 6,000 employees roles across the company.

Lloyds Banking Group patents AI-powered cybersecurity tech

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. The engine was designed to support businesses in protecting their customers against cybersecurity breaches. Cybersecurity alerts can often be triggered by misidentified activity, the GCE is intended to be more precise in spotting genuine attacks. Studies on the GCE indicate that the amount of false positives found are significantly reduced. The GCE is able to analyse alerts across various cybersecurity technologies to find common factors across alerts, and through cross-referencing is able to assess cyberthreats. The Intellectual Property Office has granted Lloyds its first patent for the GCE in both the UK and US. The bank is currently working on enhancing the GCE's abilities. Matt Rowe, chief security officer at Lloyds Banking Group, commented: "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." The move follows Lloyds announcement of its IT transformation strategy, that will impact 6,000 employees roles across the company.

Report: Lloyds Secures Patents for Methodology That Assesses Cybersecurity Alerts | PYMNTS.com

Lloyds Banking Group has reportedly secured a patent in both the U.K. and the U.S. for a methodology that uses intelligent algorithms to assess whether cybersecurity alerts could be genuine threats. This methodology is for the company's Global Correlation Engine (GCE), which is designed to enhance cybersecurity and the handling of alerts by reducing false positives and allowing users to focus on genuine attacks, Fintech Finance News reported Monday (March 3). Lloyds Banking Group did not immediately reply to PYMNTS' request for comment. The company is also working to further enhance its GCE with additional layers of algorithms, including artificial intelligence (AI), according to the report. The technology's potential applications include defending against not only cyberattacks but also supply chain fraud, cyber-enabled fraud and other threats, per the report. The share of chief operating officers (COOs) who report that their companies have implemented AI-powered automated cybersecurity management systems increased threefold between May and August, according to the PYMNTS Intelligence report, "The AI MonitorEdge Report: COOs Leverage GenAI to Reduce Data Security Losses." The report found that the increase boosted the share of such COOs from about 17% in May to 55% in August. Each of the COOs surveyed for the report represents an organization that generates more than $1 billion in annual revenue. The report of Lloyds Banking Group's GCE follows news of some other company projects that involve the use of AI. Lloyds Banking Group brand Lloyds Bank said in September that it launched a collaboration with AI platform Cleareye.ai to use AI to streamline processing and compliance checking for trade finance documentation. "We're continually looking for ways to help our clients trade simpler, faster and more efficiently and our partnership with Cleareye.ai enables us to deliver this," Rogier van Lammeren, head of trade and working capital products at Lloyds Bank Commercial Banking, said in a Sept. 3 press release. In August, Lloyds picked Amazon Web Services (AWS) veteran Rohit Dhawan as its director of AI, overseeing the firm's AI Center of Excellence and driving adoption of AI-powered products and services for the lender. "Rohit will work across the business to further integrate AI outcomes into business priorities, helping us to scale AI in a consistent way and deliver against our strategy," Ranil Boteju, the bank's chief data and analytics officer, said in an Aug. 5 press release.