The use cases for Artificial Intelligence (AI) in credit unions is growing rapidly. From faster, better loans to automated banking, and everything in between.
Sometimes, it seems like AI is ready to wow members at every turn.
But one of the most critical use cases for AI works behind the scenes. Members don’t even know that it’s there. And yet, it’s one of the reasons they trust your credit union with their money in the first place.
Yes, Security Information and Event Management (SIEM) is powered by AI now. Here’s why that’s a big deal…
What Is SIEM?
If you work in IT or security, skip this part. We’re about to get oversimplified, here!
SIEM is a critical component of credit union information security. It’s a software solution that collects and analyzes activity across your entire IT ecosystem—servers, devices, etc.
The SIEM then reviews the data it receives and compares it against historical data. Any time it discovers something out of the ordinary, it lets your team know.
Because SIEM detects threats so quickly, your security team has time to respond quickly and effectively. Essentially, it’s an early cybersecurity warning system.
SIEM also helps credit unions analyze malfunctions and IT operations failures, which can be costly… and compromise security further.
Why Is AI-Based SIEM Better?
Traditionally, there are two weaknesses to SIEM:
First, SIEM requires active management. SIEM relies on real-time monitoring and maintenance. If nobody’s around to catch and respond to threats and events as they occur, then the SIEM won’t be nearly as effective as it should be.
Second, a SIEM is only as good as its data. Part of monitoring and management (above) refers to the constant tuning and refinement of what to log and how to alert. Without that, you’ll get background noise and false positives.
AI-based SIEM solutions address both issues. To begin, AI monitors, tunes, and alerts. AI makes it a partially managed solution, natively.
Additionally, AI thrives with data. It case easily develop best-fit models based on your data that are more effective and accurate than human-defined ones.
Where Can Credit Unions Find AI-Based SIEM?
Ongoing Operations has been providing managed SIEM services to credit unions for years. Recently, they partnered with Adlumin, an AI-based SIEM vendor.
Through Ongoing Operations and Adlumin, credit unions get combined decades of SIEM experience. And that comes with all the bells and whistles:
- Analytics
- Compliance reporting
- Threat intelligence
- Darknet exposure searching
- Hands-on support through Ongoing Operations
- 24/7 Security Operations Center (SOC) always monitoring the SIEM for your environment
- Automated responses to critical events to help mitigate problems quicker
These aren’t the kinds of benefits that will wow your members. But they are the capabilities that keep your members information (and money) safe.
And it’s our firm belief that AI is better than humans in niche categories (this being one of them). And we also believe that every edge you can get in cybersecurity is a necessary one. Security is literally the only consumer desire that trumps convenience.
Maybe this AI isn’t exciting in the sense we usually use it, but this is one of the more obvious, necessary use cases for AI in credit unions today.
Additional Resources
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