Information Security in small banks and fintechs (3)

The Security Risks of AI Tools: Safeguarding Data in Financial Organisations with Limited Budgets

Introduction:

In this third article of the 'plain English' series on Information Security in financial organisations with limited budgets, I will delve into considerations and guidelines surrounding the use of AI tools. It is important for us to understand the security risks associated with these tools and implement best practices to ensure the safe utilisation of AI technologies. It is not practical to either block nor to govern their use, so what are some practical considerations?

I refer to ChatGPT throughout, but please treat this as interchangeable with any other AI tool (Bing, Google, Co-pilot, etc..,).

Data Leaks: Protecting Sensitive Information

One of the primary concerns when using AI tools is the risk of unintentionally leaking sensitive information. This includes confidential business data, proprietary code, customer details, and personal information. To mitigate this risk, consider practicing data anonymisation. Ensure that any sensitive information is either removed (best option by far!) or properly masked before engaging with ChatGPT. Let's not put confidential information into AI tools without thoroughly considering the appropriateness of doing so.

Privacy Breaches: Prioritizing Personal Data Protection

Safeguarding personal information should be a top priority for financial organisations. When configuring language models like ChatGPT, it is crucial to prioritise privacy. Improper configuration may lead to unintended disclosure of personal data, resulting in legal violations and damage to our reputation and of course increased risk. Take the time to review and implement privacy-focused settings and controls provided by ChatGPT, and if in doubt, consult the Legal team to ensure compliance.

Bias and Fairness: Identifying and Addressing Biased Outcomes

Language models, including ChatGPT, can be trained on biased data, leading to biased outcomes. This can have a significant impact on decision-making and result in discrimination and other unfair outcomes. It is essential to exercise caution and critical thinking when using AI tools, to identify potential biases in the responses generated. If you come across bias, report it to the appropriate people, enabling them to collectively work towards improving the fairness of AI-driven interactions.

Misinformation: Verifying Accuracy and Fact-checking

While ChatGPT may generate incredibly well-written responses, it is important not to assume they are factually correct. Generating incorrect or misleading information can have serious consequences, including the spread of false information, incorrect decision-making, and reputational damage. Always verify the information generated by AI tools using trusted sources and subject matter experts. Maintain a sceptical mindset and consult reliable resources before making critical decisions based solely on AI-generated content.

Phishing, Malware, and Security Safeguards: Exercising Caution

We have observed an increase in phishing techniques leveraging ChatGPT's capabilities to craft sophisticated and believable messages. Attackers are exploiting vulnerabilities by generating malware through ChatGPT. While ChatGPT includes some safeguards and controls, they can be easily bypassed. It is crucial to exercise caution when interacting with AI tools, avoid providing sensitive information, and promptly report any suspicious requests or incidents.

Storage of Information

As for the storage of information, we should assume it is uncertain unless we have reliable information on how and whether the information we use is stored. Frankly it is impractical to cover off all the different AI tools and their datasets, so my advice is to assume anything you input will be stored somewhere and available to others. Sounds paranoid, and probably is, but it is the safest assumption.

Education: Fostering a Culture of Security

To effectively protect our data, customers, and the financial organisations reputation, education is key. By following the above guidelines, including data anonymisation, privacy safeguards, addressing bias and misinformation, and practicing caution regarding phishing and malware, we can collectively safeguard our data and uphold fairness and accuracy in the ever-evolving landscape of AI technology. Each one of us shares the responsibility of fostering a culture of security and awareness within our organisation.

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Conclusion:

AI tools like ChatGPT offer numerous benefits but come with inherent security risks. As financial organisations with limited budgets, it is imperative that we prioritise Information Security and implement best practices to mitigate these risks. By adhering to guidelines such as data anonymisation, privacy protection, bias identification, fact-checking, and exercising caution against phishing and malware, we can responsibly try to safeguard our organisation's data and maintain the trust of our customers. By fostering a culture of security and promoting education on AI tool usage, we empower our employees to make informed decisions and contribute to a secure information environment.

As we navigate the complex landscape of AI technology with limited budgets, it is crucial to remain vigilant and adapt to emerging security challenges. By staying up to date with the latest best practices and continuously assessing and improving our security measures, we can protect our organisation from potential threats and maintain a robust and secure information ecosystem.

Prioritising information security is not just a regulatory requirement; it is a fundamental responsibility we owe to our stakeholders, customers, and the integrity of our financial organisation.

Together, let's leverage AI tools like ChatGPT whilst ensuring the highest standards of security and data protection. By doing so, we can embrace the benefits of AI innovation while safeguarding our organization's interests in an increasingly interconnected world.

Join us in the next article of our 'plain English' series, where we will explore additional information security areas to prioritise within financial organizations with limited budgets. Stay tuned for valuable insights and practical advice on securing our digital assets effectively.

Disclaimer: The views and opinions expressed in this article are solely for informational purposes and should not be construed as legal, financial, or professional advice. It is recommended to consult with relevant experts and professionals for specific guidance related to your organisation's unique circumstances and requirements. i.e. treat my words as you would AI-generated text!

Image copied from a Deloitte article, hopefully legally.